Wednesday, June 3, 2009

Spending Explosion Mandates Massive Federal Tax Increase--Bernanke Speaks

We're doomed! The U.S. is digging a massive monetary hole with its stimulus plans—GM and Chrysler bailouts, AIG, the Big Banks, the UAW, cap and trade, social security and Medicare deficits, and a planned program of universal health care.

Yet, Bernanke told Congress today that the U.S. will stop printing money? Really? That would mean that we'd need a 60 percent federal tax increase to make up the record deficits of the Obama administration.

That'll be good for the economy. Should we join hands now and sing the Internationale?

Goodbye, Comrade.... I'm off to the Salt Mines.

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