If the federal government seized every penny the 400 billionaires in this country have....every house, car, piece of art, stock, bond, bank account, etc. and sold it they would net around $1.4 trillion dollars; this wouldn't cover the deficit spending from 2010
Amongst the many problems of the federal government is they don't have the ability to plan or spend according to any sort of budget. Look at 2010
2.381 Trillion Budgeted vs. 2.165 Trillion received
3.552 Trillion Budgeted vs. 3.721 Trillion Spent
In other words, they took in less
then they planned on and spent more
My company just released a report which quoted the federal government's concern "The federal government projects that national health spending will rise from $2.8 trillion to $4.8 trillion over the coming decade, accounting for nearly 20 percent of the U.S. economy"
Medicare's budget is expected to hit nearly $1 trillion dollars by 2020 in hopes of keeping all the baby boomers alive; its supposed to be insolvent by 2023-2025 depending on whose numbers you want to believe. In order to maintain its levels of service to those on Medicare - taxpayers will need to pay in an additional
$7500's each. My wife and I don't have a spare $15K laying around.
What will be interesting is what will be the lynch pin which breaks. What will be more interesting is who shoots first...the Fed or the American people.
One of the main causes of the French Revolution was the bankruptcy of the monarchy. A second was the high taxes put to the poor to maintain the lifestyles of the wealthy...of course here its simply the opposite.