Sunday, May 20, 2012

Financial Armaggedon Coming At Year End

Here we go again.  By the end of the year, two critical things will impact the financial markets.   The Bush Tax cuts are set to expire on December 31, 2012.  When that happens all Americans will see a huge tax increase.  And,  it will be time to raise the National Debt Ceiling again because Socialist President Obama has blown through another trillion dollars of borrowed money.   Republicans in Congress are already starting to focus on these issues.  Socialists, including Senator Dirty Harry Reid of Nevada, the Senate Majority Leader and President Obama just do not want to talk about it except to say that they want to raise taxes on the "rich", those earning more than $200,000 a year if single and $250,000 a year if married.  Of course, there is already $500 Billion in tax increases in ObamaCare that will start to kick in; but that is in addition to the tax increases that will occur if the Bush Tax Cuts are allowed to expire.

This will be a double whammy for our economy.   Many Sub Chapter S small businesses will see their tax rates go up to 50% or more, including state income taxes if the Bush Tax Cuts are allowed to expire.   Since small businesses employ 70% of Americans, this will cause many lay off's.   When combined with the 11,000 new regulations added by Executive Order by Obamanistas, we will see a dramatic negative impact on our economy.   We are currently experiencing just 2% or less Gross Domestic Product growth, not nearly enough to bring down unemployment.  Raising taxes and adding even more regulations will be the kiss of death for the American economy, especially when combined with what is going on in Europe. 

And, then there is the National Debt Ceiling debacle that will replay at year end.   Obama wants to continue borrowing 40 cents out of every dollar the federal government spends, from the Chinese and others, to allow for Obama's trillion dollar annual deficits added to the National Debt with no end in sight.    Our National Debt at year end will be more than $16 trillion; that is 16,000 billion dollars for anyone who is counting.   Obama added $5 trillion to our National Debt in just his first term in office, more than any other President in American history.  And, that is with stealing our Social Security contributions to fund wasteful government spending, or this number would be even higher.   Obama's budget, which he sent to Congress, was defeated in the Senate by 99 to 0.  Not sure who didn't vote; but most likely if that Senator had been there that day, it would be 100 to 0 because Republicans are looking for spending cuts and Socialists want to borrow and spend even more than was proposed by Obama.  

So get ready for all the drama coming in the months ahead.   We will face financial Armageddon that will ultimately only be settled by the election in November.   Hopefully, Mitt Romney will make Obama a one term President and we will sweep other Socialists, at all levels of government, that are bankrupting our country, out of office in 2012 and 2014 to get our country back on the right track.  We need to elect a Conservative majority in both Houses of Congress and that means 60 Conservatives in the Senate to get the job done.   So get your checkbooks out and start giving to Conservative candidates to take back our country.   We can do it.   We must do it to preserve our freedom, our nation and way of life for the sake of our children and grandchildren.  In the mean time, prepare for budget shock and awe all summer.  It is coming. 

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