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Originally published January 7 2004

Ready for a permanent 60% increase in federal taxes? U.S. government spending is out of control...

by Mike Adams, the Health Ranger, NaturalNews Editor

If this news doesn't floor you, you're not reading with your eyes open: federal spending has placed the United States so far in debt that just breaking even (funding all the programs the government has promised the public) would require an "immediate and permanent" federal tax increase of 60%! This comes from none other than the International Monetary Fund (IMF) which is rightfully concerned about the U.S. debt and its ability to cause chaos in world financial markets.

Put in perspective, the global financial community is calling the U.S. "out of control" on its fiscal policy. It's bankruptcy at a national scale for starters, and possibly on a global scale if the international house of cards comes tumbling down with the U.S. dollar (which has dropped sharply over the last two years).

As I've stated before, spending at the national level only reflects spending at the household level: American families, too, are increasingly needing to restructure their debt and declare bankruptcy. Credit card debt has gone through the roof, and although Washington can't borrow from credit cards, they have certainly borrowed plenty from Social Security.

The total gap? A $47 trillion shortfall, says this article.



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