The Greatest depression is coming, are you ready?
- Thread starter ZNP
- Start date
-
Christian Chat is a moderated online Christian community allowing Christians around the world to fellowship with each other in real time chat via webcam, voice, and text, with the Christian Chat app. You can also start or participate in a Bible-based discussion here in the Christian Chat Forums, where members can also share with each other their own videos, pictures, or favorite Christian music.
If you are a Christian and need encouragement and fellowship, we're here for you! If you are not a Christian but interested in knowing more about Jesus our Lord, you're also welcome! Want to know what the Bible says, and how you can apply it to your life? Join us!
To make new Christian friends now around the world, click here to join Christian Chat.
Let's look at tax revenue
1. The US government takes in around $160 billion a year on capital gains tax. However, with stocks down 30%, bonds down 15%, and houses dropping significantly in resale value you can expect this number to be close to 0.
2. About 65% of the federal tax revenue comes from individual tax returns of 43% of Americans. We are seeing people retire and resign at a very high rate, so that number could be down another 5%. We also so a number of people die from Covid, so perhaps down another 1-2%. In addition we are seeing about 40% of small businesses on the brink of bankruptcy and about 65% of them without taxable income. That means down another 6% on the individual tax returns and down 3% on the corporate tax returns. So if the number of people paying tax drops 13%, that is 13/43 or a 30% drop in tax revenue. Add to that the 3% of total tax revenue from corporate tax returns and the US government could be seeing a 33% drop in revenue this year.
3. But it is worse! China is selling our bonds. Unless the US raises interest rates no one will want to buy our debt. If the US does raise interest rates then there will be no capital gain, house prices will plummet, consumption will plummet, and bankruptcies will skyrocket. The problem with inflation and rising interest rates is that no one wants US debt.
But don't worry Joe Biden has a plan.
1. Hire 87,000 IRS agents.
2. Give them guns and send them out to get the money the government needs.
1. The US government takes in around $160 billion a year on capital gains tax. However, with stocks down 30%, bonds down 15%, and houses dropping significantly in resale value you can expect this number to be close to 0.
2. About 65% of the federal tax revenue comes from individual tax returns of 43% of Americans. We are seeing people retire and resign at a very high rate, so that number could be down another 5%. We also so a number of people die from Covid, so perhaps down another 1-2%. In addition we are seeing about 40% of small businesses on the brink of bankruptcy and about 65% of them without taxable income. That means down another 6% on the individual tax returns and down 3% on the corporate tax returns. So if the number of people paying tax drops 13%, that is 13/43 or a 30% drop in tax revenue. Add to that the 3% of total tax revenue from corporate tax returns and the US government could be seeing a 33% drop in revenue this year.
3. But it is worse! China is selling our bonds. Unless the US raises interest rates no one will want to buy our debt. If the US does raise interest rates then there will be no capital gain, house prices will plummet, consumption will plummet, and bankruptcies will skyrocket. The problem with inflation and rising interest rates is that no one wants US debt.
But don't worry Joe Biden has a plan.
1. Hire 87,000 IRS agents.
2. Give them guns and send them out to get the money the government needs.
Everyone thinks this is a joke. But soon you will look back on this as the good old days when prices did not go up from one day to the next.
https://www.thegatewaypundit.com/20...learned-last-month-economy-0-inflation-video/
https://www.thegatewaypundit.com/20...learned-last-month-economy-0-inflation-video/
Is War the only option?
5 Rural banks are going belly up.
$300 billion has been lost in a real estate bubble.
Countries that China does business with (loans money to) have gone bankrupt (Sri Lanka) or are going bankrupt (Pakistan, etc). Altogether it is at least 7 countries in the process of going bankrupt.
We are seeing extreme inflation in food and fuel, this will cause many developing nations to experience famine.
In the UK the cost to heat your home is going to go from around 1200 pounds to 4200 pounds this winter.
China is in a serious condition of having to import fuel just like the UK.
Not only so but there is a shortage of food in China as well.
The reality is that China is one giant ponzi scheme. It worked because the world wanted to believe it was working and pumped money into China. But too many businesses have been ripped off, they are pulling their money from China and China in turn has damaged their trade with their most important trading partner, the US.
China operates on a knife edge, the people will work like slaves as long as they can eat, have a house, and feel like they will leave a better life for their kids. You rip off their house, you take their bank account and their is no food at the grocery store and you can believe their will be a massive revolt of 1 billion people. Is this why they have been practicing shutting down entire cities under tyrannical lockdowns? China already has a very dangerous situation with more men than women. So one solution is to put all the men into an army and go fight a war. Whether you win or lose it solves the problem of too many mouths to feed and not enough houses for everyone.
5 Rural banks are going belly up.
$300 billion has been lost in a real estate bubble.
Countries that China does business with (loans money to) have gone bankrupt (Sri Lanka) or are going bankrupt (Pakistan, etc). Altogether it is at least 7 countries in the process of going bankrupt.
We are seeing extreme inflation in food and fuel, this will cause many developing nations to experience famine.
In the UK the cost to heat your home is going to go from around 1200 pounds to 4200 pounds this winter.
China is in a serious condition of having to import fuel just like the UK.
Not only so but there is a shortage of food in China as well.
The reality is that China is one giant ponzi scheme. It worked because the world wanted to believe it was working and pumped money into China. But too many businesses have been ripped off, they are pulling their money from China and China in turn has damaged their trade with their most important trading partner, the US.
China operates on a knife edge, the people will work like slaves as long as they can eat, have a house, and feel like they will leave a better life for their kids. You rip off their house, you take their bank account and their is no food at the grocery store and you can believe their will be a massive revolt of 1 billion people. Is this why they have been practicing shutting down entire cities under tyrannical lockdowns? China already has a very dangerous situation with more men than women. So one solution is to put all the men into an army and go fight a war. Whether you win or lose it solves the problem of too many mouths to feed and not enough houses for everyone.
Why are these 5 companies leaving the NY Stock exchange? Because they refuse to allow their books to be audited. Do you think that will instill confidence in investors that have seen a run on 5 banks in China, a collapse of a real estate bubble, a ponzi scheme which was their real estate market and now this? I'm thinking what are they hiding and if in doubt, get out.
Good news for those looking for a job!
Repos and foreclosures are about to go through the roof. The repo man and the Sheriff's office will need more people to help with evictions and repossessions. Also, the IRS is hiring 87,000 new agents for home invasions I mean field work (must be physically fit, able to use a gun and not squeamish about shooting people).
Build back better starts with demolition.
Repos and foreclosures are about to go through the roof. The repo man and the Sheriff's office will need more people to help with evictions and repossessions. Also, the IRS is hiring 87,000 new agents for home invasions I mean field work (must be physically fit, able to use a gun and not squeamish about shooting people).
Build back better starts with demolition.
