Your sobering thought of the day.

Let's consider some facts for those who are arguing for the "fair share" tax.

1. Would fair share tax hikes be enough to fund US government spending?
2. What if we took 100% of the profits of Walmart and Exxon Mobile?
3. What if the corporate tax rate was 100% for every corporation?
4. What if we confiscated 100% of the wealth of the super-wealthy including Warren Buffet and Bill Gates?
5. What if we did ALL of the above? Would that balance the budget

To meet total government spending requirements of $3.2 trillion a year, but not counting $117 trillion in unfunded liabilities, not only would we have to do everything in the five point list above, but we would have to take the combined salaries of all players in the NFL, Major League Baseball, the NBA, and the NHL, cut military spending by $254 billion, and tax everything people make above $250,000 at a 100% tax rate.

That's what it would take to meet the 2012 budget of $3.8 trillion. It would do nothing to pay down the existing national debt of close to $16 trillion. It would not come remotely close to meeting $117 trillion in unfunded liabilities.

Is that enough to curl your toes?  Enough to say " enough?"   It better be in November, because there is simply no way that this insanity continues.  Hopefully, there is a political class with enough balls to explain this simply and directly to the American people, or else we will all continue down the path to destruction blythely until we go over the cliff (if we haven't gone over already).

Read more at http://globaleconomicanalysis.blogspot.com/#aCo2YPDCzH80ozkK.99