Let us all panic over the national debt and what we owe to China ! If you click on www.factcheck.org/2013/11/who-holds-our-debt,
you will see that the largest holders of the national debt are:
Social Security (16%)
Federal Reserve Banks (12%)
Mutual funds, including money market funds (6%)
So look out! It is Granny and the Federal Reserve banks that are
going to repossess your country. The
Republican Party’s unpopular solution is to renege on the debt owed to the old
folks and promise to repay everyone else.
Social Security won’t be there when you are old enough to collect it,
they say. That ought to fix the debt
problem, don’t you think? Well, maybe it
will – if you keep paying the payroll tax as well as income tax, and they do
not give any more tax breaks and subsidies to the so called job producers or
get us into any more wars!
The alternative to the Republican solution is to raise the earning cap which is subject to the payroll tax, then raise the minimum wage, improve our infrastructure, protect our industries, and do the other things we have traditionally done to create jobs, raise wages and stimulate the economy. The problem is that the Democrats would have to take control of Congress and get rid of the filibuster in the Senate in order for us to do those things.
The alternative to the Republican solution is to raise the earning cap which is subject to the payroll tax, then raise the minimum wage, improve our infrastructure, protect our industries, and do the other things we have traditionally done to create jobs, raise wages and stimulate the economy. The problem is that the Democrats would have to take control of Congress and get rid of the filibuster in the Senate in order for us to do those things.
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