interesting items from IMF
I saw last week that the IMF recommended the US eliminate the mortgage tax incentive and allow all the tax reductions expire not just those for earning $200,000 a year or more. They are moving US treasuries to the level just above the junk bond status if we do not by 2014. With China and Japan owning the majority of US treasuries this is a significant problem. If they call for them to be paid in full the US currently could not do so. The IMF also put together its projections for the US debt to overseas nations and in 2018 we will be paying $600 billion in interest per year. The US can not afford this and must find a way to buy back at least 50% of the treasuries owned by foreign countries. I know if they let my tax reduction expire I will go from 35% bracket to the 50% bracket.
The healthcare reform unfortunately I do not believe will last. I know in MO we have a measure on Aug 3rd ballot to exempt the state from it. There are 39 states that have this done or on the ballots later this year or have filled lawsuites challenging the constitutionality of it. I know BCBS has released data that they will be raising premiums at least 100% between now and 2014 when they become limited on how much they can raise them per year. We got 22% increase July 1 and we are being told antoher 25% Jan 1. This is to get premiums high enough to ensure they can remain solvent as a company when all preexisting conditions must be accepted for the same premium as a perfectly healthy individual.
Overall the US is slowly being bled financially by many nations. I think we should bring all the soldiers home and close all oversea bases for at least 10 years. They should then assign all those solders/sailors to defending all US borders/ports of entry against illegal immigration.
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