By Tyler Durden
Authored by Simon Black via SovereignMan.com,
In 1873 during the administration of Ulysses S. Grant, the government abolished its income tax.
Aside from a single episode in 1894, there would be no income tax in the United States of America for nearly 40 years.
It was during this period that the United States emerged as the largest, most powerful economy in the world.
And the country achieved this with no income tax. No inflation. And very little public debt.
Today it’s entirely different. The dollar has lost over 99% of its value since 1913.
And the US has accumulated more debt than any other nation in the history of the world.
Entitlement program costs are soaring. The US government’s own figures estimate that the long-term funding gap for Social Security, Medicare, etc. exceeds $40 trillion. Many private estimates are several times that amount.
This is obviously concerning.
But what’s even more concerning is the complete lack of care and attention this issue receives.
Politicians continue to spend money with a dangerous sense of entitlement.
They believe that since they’re “America” they can do whatever they want without consequences, as if the laws of the financial universe don’t apply to the US.
And their judgment is clearly lacking.
They borrow money and go …read more