Wednesday, June 03, 2009

BOHICA, Part 22,351

Bernanke lays the groundwork for Obamunist tax increases.

Federal Reserve Chairman Ben S. Bernanke said large U.S. budget deficits threaten financial stability and the government can’t continue indefinitely to borrow at the current rate to finance the shortfall.

“Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth,” Bernanke said in testimony to lawmakers today. “Maintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance.”

Whaddya think? About 40% of your gross plus FICA?

For Struppster, I'll recommend that he reads this from Dick Morris. HT Sykes

3 comments:

J. Strupp said...

Bernanke made no suggestions of advocating future tax hikes.


Panel members still tried to bait him into saying something he shouldn't. He didn't.

Dad29 said...

No, REALLY?

He's laying a foundation for the DEMOCRATS, who will quote this passage through the State-operated Press, supporting a tax increase.

haljett said...

I don’t get it. Surely he knew that this would be the result of all that money they’ve been printing at record speed and all that borrowing from themselves they’ve been doing. It’s not rocket science.

Take a look at the gold graph on the widget http://www.learcapital.com/exactprice and it’s obvious for a while now that investors have recognized that FED’s practices are leading to a killing of the dollar and into major inflation. Gold is on the rise. People turn to it to protect their money with paper money is in crisis. And crisis is where I’m afraid we are finding ourselves.

We'll be lucky if 40% is the outcome. But I'm betting higher with taxes hidden all over the place.