We had a server outage, and we're rebuilding the site. Most of the site features won't work. Thank you for your patience.
imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
latest news
best of news




A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List


IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles


by Ed Henry Wednesday, Oct. 01, 2003 at 4:49 PM


Pretty soon we'll be able to pay for our groceries at the super and then when we cart them home there will be someone there to make sure we pay for them again. Won't that be nice? It should fit right in with the taxes we are already paying twice.

And President Bush can conduct fundraisers all over the country where it costs $100 to $1,000 to get in and another $100 to $1,000 to get out. All this is consistent with what the government is doing now, the double taxation rip-off.

For example....

Every employer in the country pays unemployment taxes. When people are laid off, fired, get a pink slip, or are simply downsized, they have the right to draw unemployment for at least six months while looking for another job. That's what the tax is for, and that's the way it's supposed to work.

Unemployment compensation is an entitlement. Workers are "entitled" to draw temporary unemployment benefits because those benefits have been paid in advance by their employers. The money is supposed to be there, invested and growing, but waiting to be used in hard times. At least, that's the way it's supposed to work.

In the good times, in the days when the country had minimal unemployment, employers were contributing more than was necessary. They were sending the government a surplus. They were contributing more than was required to pay benefits to the unemployed.

In those good times, the government could have at least temporarily reduced unemployment taxes or they could have left it alone and invested the surplus just like they invest their own money in the Thrift Savings Plan for federal employees. An investment system, managed by Barclay Bank of Great Britain, which has produced as much as a 28 percent return on investment and last year, during a sour economy, still managed to produce a 17 percent return for our happy participating representative federal government people.

Had the government invested former unemployment surplus contributions, or allowed Barclay Bank to invest it just as they have the bureaucrat's own money, these surpluses would likewise have grown.

But alas, that's not what happens. Instead, our crafty politicians and bureaucrats have devised a scam that makes Enron, WorldCom, Arthur Andersen, and other private sector crooks look like children playing in a sand box. They pretend to "borrow" the surplus.

Despite the fact that it is physically impossible to both spend and save the same money, our federal government, the people who work for us, actually want you to believe that's exactly what they do. It's that flagrant. Here's the way it works.

First, they take the surplus money and spend it. Poof, it's gone, never to be seen again. For our purposes here, it doesn't matter what they spent it on. It could have been spent on war. It could have been spent to keep lobbyists happy. It might even have been spent on something worthy or good for you. No matter what, it's gone.

Here's the despicable part.

Without contract, without so much as the slightest permission from the so-called lenders, the con artists deposit "special obligation" nonmarketable Treasury bonds in an equally phony trust fund dollar-for-dollar for the money stolen, the money that they are pretending to borrow and have already spent.

They often call these "IOUs" but they are more properly UOUs because there is no one who can redeem them, pay off this debt, except the taxpayer.

Don't let the language fool you. These are debt markers deposited in a debit black hole account that is part and parcel of the national debt. They are in a category of phony trust funds deliberately mislabeled as "Intragovernmental Holdings" to make you believe that the government owes itself or one governmental department owes another.

In reality, with any entitlement where taxpayers contribute a surpluswe are buying debt. It's the same as walking into the U.S. Treasury, plunking down a fistful of money, and saying: "Here, give me some debt so I can pay again later, plus interest."

Currently, as of the end of August, 2003, there is $2.8 trillion worth of these bogus bonds accounting for 42 percent of the national debt. Most of these (92 percent of them) are tied up in 19 different entitlement accounts, Social Security being the largest.

The other eight percent are perks for government. A subject in itself.

The entire "Intragovernmental Holdings" section of the national debt, $2.8 trillion of the national debt, could be eliminated tomorrow and no one would suffer except the Beltway Bandits.

I suppose we should be thankful that it's only the smaller accounts that are being drawn down today. When the big ones, like Social Security, require their bogus holdings, the taxpayers of this country will be in deep doo-doo.

Here's what has been happening this year, right now, as you read this:

Source: U.S. Treasury Monthly Reports

As you can see, there has been a total withdrawal of $24 billion in debt markers from the Unemployment Trust Fund so far this year. And where did the deficit (in red) money to pay benefits to the unemployed come from?

It came from the Treasury's general fund of current taxpayer dollars on hand or money borrowed from investors. Either way, you paid for it. You paid the same tax employers paid previously, plus you also paid interest on any debt markers that had been sitting there for more than a year.

If this $24 billion wasn't borrowed legitimately from investors, raising the national debt and putting the burden to repay it on the shoulders of our children and grandchildren, then it came right out of money that should have gone for education, agriculture, housing, health care, or any and all elements of budgeted discretionary spendingyour current income tax contributions.

Given the huge increase to the national debt this year, the real deficit, you can be pretty sure it came from honest contractual borrowing from investors, both foreign and domestic. The people who stole this money in the first place now borrowed from foreign and domestic investors in order to pay it again. It's all on your tab.

What's more, during the two months when "receipts" were higher than "outlays" the bandits got some more loot to feed their spending habit. Of course, a sizable chunk of this was interest paid in May. Interest against last year's holdings. Interest that was paid by simply handing the phony trust more phony bonds in order to continue the "borrowing" fraud.

Why don't you try this with your home mortgage? That mortgage is probably being held by the federal government anyway. Your local bank or banking conglomerate probably sold it to Fannie Mae, Freddie Mack, or Sally Mae who are government businesses and your bank is now just acting as their agent.

Spend the premium money on yourselves and the kids, then print up some pretty "Joe Six-Pack Bonds" and send them to the bank. Tell them to stuff them in a trust fund for awhile or at least until they've got the money to redeem them. See how far you get.

Of course, no ordinary citizen has the power to carry this off. No matter how authentic your "Joe Six-Pack Bonds" look, in no time the sheriff is going to be coming to your house to evict you.

But when the federal government does it, you love it. If it were criminal, the millionaire talking heads of television would be all over it like flies on a road apple, right? People like Wolf Blitzer, Paula Zahn, Ted Koppel, and all of the other high paid monitor readers would be protecting you, wouldn't they? (If Katie Curric makes $14 million a year, what do you suppose the really big guns are paid?)

And don't forget to watch the New York Stock Exchange and the bond market so you can tell how well things are going for these millionaires. These are sure signs that you must be doing better too, right?

The real problem comes back to the people. It rests squarely on the shoulders of working Americans who do nothing about it and actually go out and vote for more of the same because there isn't one candidate from either party that addresses this injustice. There's only one conclusion that can be drawn from such behavior. The people must enjoy being screwed.

"Published originally at EtherZone.com : republication allowed with this notice and hyperlink intact."

SEPARATE COMMENT: SUCKERS, YOU DUMB AMERICAN SUCKERS taxing yourself out of existence, and when you job goes overseas maybe, just maybe you will wake up.
Report this post as:
Share on: Twitter, Facebook, Google+

add your comments

Local News

Change Links September 2018 posted S02 10:22PM

More Scandals Rock Southern California Nuke Plant San Onofre A30 11:09PM

Site Outage Friday A30 3:49PM

Change Links August 2018 A14 1:56AM

Setback for Developer of SC Farm Land A12 11:09PM

More problems at Shutdown San Onofre Nuke J29 10:40PM

Change Links 2018 July posted J09 8:27PM

More Pix: "Families Belong Together," Pasadena J02 7:16PM

"Families Belong Together" March, Pasadena J02 7:08PM

Short Report on the Families Belong Together Protest in Los Angeles J30 11:26PM

Summer 2018 National Immigrant Solidarity Network News Alert! J11 6:58AM

Watch the Debate: Excluded Candidates for Governor of California M31 5:20AM

Change Links June 2018 posted M28 7:41AM

The Montrose Peace Vigil at 12 Years M22 8:01PM

Unity Archive Project M21 9:42AM

Dianne Feinstein's Promotion of War, Secret Animal Abuse, Military Profiteering, Censorshi M17 10:22PM

CA Senate Bill 1303 would require an independent coroner rather than being part of police M10 9:08PM

Three years after OC snitch scandal, no charges filed against sheriffs deputies M10 8:57PM

California police agencies violate Brown Act (open meetings) M02 8:31PM

Insane Company Wants To Send Nuke Plant Waste To New Mexico A29 11:47PM

Change Links May 2018 A27 8:40AM

Worker-Owned Car Wash on Vermont Closed A27 5:37AM


lausd whistle blower A11 6:58AM

More Local News...

Other/Breaking News

test O06 10:01AM

test O06 9:59AM

test O06 9:59AM

100 Ways GOP Have Stolen Elections Since 1876 O06 12:03AM

Proximospective de l'univocité réifiée O05 6:27AM

“Kava-no!!!” O04 6:42PM

Trump & Palestine vs. Genesis, Rashi & The Land of Israel O03 6:29PM

The Criminality of the Elites O03 11:35AM

Business de l'inhumanitaire O03 7:51AM

Marriage Rape/Date Rape Highest Rapes O02 2:59PM

Women I Know Get Raped - Too Many Times To Count! O02 2:55PM

Women In USA Have Stockholm Syndrom O02 2:50PM

Shooting Drill's Are Political Actual Shootings O02 2:47PM

Dr. Ford's Father Works With CIA O02 2:44PM

Weaponizing Frequencies O02 2:41PM

Google Abuses: Worldwide Spying, Censorship, War Promotion, Spying On Children, Etc O02 11:08AM

Paraphysique de l'administration O02 8:34AM

Paraphysique O02 8:31AM

Affordable Rents? A State of Emergency Intensifies O01 11:36AM

A Few Of Many Impeachable Acts by Trump Sessions And Others O01 4:41AM

Désengrammation, l'éloge de la suite S30 7:01AM

someone Should Work In Hollywood - Good Acting! S28 2:55PM

Ford Gives Psych Drugs To Lower Class To Shut Them Up? S28 2:51PM

Hilllary Calls Ford Trailer Trash? S28 2:47PM

Most Rapes Are In Marriages S28 2:43PM

Nice Boys Dirty Deeds S28 2:41PM

Minnesota 2nd Largest Rape State S28 2:39PM

Paraphysique de la plus-value S28 7:18AM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy