This is
G&G Associates
e-Newsletter
Our Federal Government Is Twice as Bankrupt as Detroit
Detroit declared bankruptcy a few days ago. Detroit should serve as a stark warning to Americans who believe in liberal social policies, like highly progressive taxes and expensive social safety nets.
These socialist programs don't cure income inequality. They merely destroy wealth by reducing incentives for building businesses and encouraging dependency. That's why societies with lots of government spending typically have few civil institutions and a small middle class.
Here's the message our politicians on both sides of the aisle seem to be missing: 50 years ago, Detroit was one of the largest and wealthiest cities in the world. Nearly 2 million people lived there, and it enjoyed the highest per-capita income in the United States.
Then, in 1960, everything changed. Liberal Democrats came to power (and have held power since). Their ideas about using the government to build a "Great Society" – using the government to provide a cradle-to-grave social safety net – have slowly transformed Detroit from the wealthiest city in America to nothing but a big heap of mess.
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Detroit's population has declined by almost 70% since
1960. Roughly half of the people who remain are functionally illiterate. More
than 60% live below the poverty line. And roughly half of all adults don't
work. Only about one-third of the city's ambulances are in working order.
Almost half of the streetlights don't work. It takes the police an average of
58 minutes to respond to emergency calls. The violent crime rate (no surprise)
is five times higher than the national average.
It is shocking to realize that only 50 years ago, Detroit was the shining example for the world of capitalism and civil society. I guess it doesn't take long to destroy wealth.
Now consider this… Detroit went bankrupt with total debts of around $20 billion. That's roughly $28,000 per remaining citizen. That's nothing. The debts that the U.S. government has amassed over the same period (the last 50 years) are massively larger.
Today, all Americans owe more than $16.7 trillion on the federal level – that's nearly $54,000 per citizen and nearly $150,000 per taxpayer. How many Americans do you think realize that our federal government is twice as bankrupt as Detroit?
Detroit is a living case study of why government efforts to redistribute wealth don't work. But instead of recognizing any of the lessons of the past, the US government promises more of the same policies.
Meanwhile, the government is in far worse shape than the city of Detroit. The only real difference is the president and the federal government are still able to print their way out of trouble, using the Federal Reserve's ongoing “MANIPULATION” of the U.S. Treasury market.
But, “NO” nation in history “EVER” became wealthier by printing money and buying its own government's debts. IN EVERY CASE, inflation soon destroyed the economies and wiped out private savings. Rates on the U.S. 10-year Treasury bond have recently moved from 1.6% to 2.6% – in the face of continued Federal Reserve buying of $85 BILLION a month.
The dream that the government could provide prosperity to the residents of Detroit has come to its inevitable end. The dream that the federal government can provide prosperity to the entire country is even more delusional. It “WILL” come to a far worse end.
It is shocking to realize that only 50 years ago, Detroit was the shining example for the world of capitalism and civil society. I guess it doesn't take long to destroy wealth.
Now consider this… Detroit went bankrupt with total debts of around $20 billion. That's roughly $28,000 per remaining citizen. That's nothing. The debts that the U.S. government has amassed over the same period (the last 50 years) are massively larger.
Today, all Americans owe more than $16.7 trillion on the federal level – that's nearly $54,000 per citizen and nearly $150,000 per taxpayer. How many Americans do you think realize that our federal government is twice as bankrupt as Detroit?
Detroit is a living case study of why government efforts to redistribute wealth don't work. But instead of recognizing any of the lessons of the past, the US government promises more of the same policies.
Meanwhile, the government is in far worse shape than the city of Detroit. The only real difference is the president and the federal government are still able to print their way out of trouble, using the Federal Reserve's ongoing “MANIPULATION” of the U.S. Treasury market.
But, “NO” nation in history “EVER” became wealthier by printing money and buying its own government's debts. IN EVERY CASE, inflation soon destroyed the economies and wiped out private savings. Rates on the U.S. 10-year Treasury bond have recently moved from 1.6% to 2.6% – in the face of continued Federal Reserve buying of $85 BILLION a month.
The dream that the government could provide prosperity to the residents of Detroit has come to its inevitable end. The dream that the federal government can provide prosperity to the entire country is even more delusional. It “WILL” come to a far worse end.
The question is are you prepared to deal with it when
it happens?
Printing trillions in new dollar bills to facilitate the madness won't prevent the inevitable bankruptcy of our country. It will merely gut the middle class of its savings and its wages first.
Believe me… this will come to pass and it will not take another 50 years … “Maybe 10”.
Printing trillions in new dollar bills to facilitate the madness won't prevent the inevitable bankruptcy of our country. It will merely gut the middle class of its savings and its wages first.
Believe me… this will come to pass and it will not take another 50 years … “Maybe 10”.
AGAIN: To become a member of the G&G Investment Society (GGIS), send
an e-mail to GGIS@gngassoc.com and/or visit our website at
www.gngassociates.net and you can sign up there.
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As always…feel free to pass this information on to anyone you think is interested in increasing their tax & financial IQ.
If you need a one-on-one consultation to learn how to implement these investments or any other tax or financial strategy mentioned in these newsletters, feel free to contact my office to setup an appointment.
Meda Ase p (Thank You Very Much),
Asar Maa Ra Gray
Tax & Financial Consultant, RFC
G&G Associates
757-271-6068 office
866-361-3872 toll free fax
www.gngassociates.net
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LEGAL NOTICE: This work is based on what I’ve learned as a financial researcher and analyst based SEC filings, current events, interviews, corporate press releases and what I've learned as a financial consultant. It may contain errors and you should not base investment decisions solely on what you read here. It’s your money and your responsibility. Nothing herein should be considered personalized investment advice.
You can find us on Twitter by searching for the handle "GG_Associates."
As always…feel free to pass this information on to anyone you think is interested in increasing their tax & financial IQ.
If you need a one-on-one consultation to learn how to implement these investments or any other tax or financial strategy mentioned in these newsletters, feel free to contact my office to setup an appointment.
Meda Ase p (Thank You Very Much),
Asar Maa Ra Gray
Tax & Financial Consultant, RFC
G&G Associates
757-271-6068 office
866-361-3872 toll free fax
www.gngassociates.net
Become a Fan of G&G Associates and G&G Travel on Facebook & Twitter.
P.S. If you are looking to Travel and looking for steep discounted travel, visit www.gngassociates.net, click on the “G&G Travel” link and let your travel planning begin. Let us know where you want to go and we’ll do our best to find you the best deal your money can buy. Become a Fan of G&G Travel on Facebook.
LEGAL NOTICE: This work is based on what I’ve learned as a financial researcher and analyst based SEC filings, current events, interviews, corporate press releases and what I've learned as a financial consultant. It may contain errors and you should not base investment decisions solely on what you read here. It’s your money and your responsibility. Nothing herein should be considered personalized investment advice.
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