Friday, March 31, 2006

Demotivational Friday: Procrastination

Couldn't decide on a caption, so this Friday you get three. The last one is by Lincoln, by the way.

Some of you may recognize the picture - it's a giant billboard that hangs in New York near Time's Square. The original clock was erected in 1989 when the national debt stood at 2.7 trillion dollars. But sometime in the next two years, the total US debt is going to be over TEN TRILLION DOLLARS! (Make sure to say that at the top of your voice in your best Dr. Evil impression). The current clock doesn't even have enough spaces to fit it.

An often overlooked aspect of taxes is that every time our government borrows a dollar, you end up paying about a $1.20 or more in taxes fifteen years later (in today's dollars, not after inflation). That amount is going way up, since we're borrowing more and have to offer investors a better rate. So the question is not whether we want lower taxes or higher taxes. The question is whether we want higher taxes now or much higher taxes later.


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