The current condition of the federal balance sheet makes it nearly impossible to pay off the debt of the United States.  With the current increase in the debt ceiling, we will be approaching $17 trillion dollars by the end of 2012.  So we hear the president today state he is appointing another committee with the "full weight and authority of the White House".  Are you kidding?  How long are we going to listen to this nonsense and actually think he has a plan.  Let's look at the tax issues and where we get the revenue to pay for his programs and those of all the preceeding administrations who promised Americans everything!

Another 227,000 people earned $1 million or more in 2009.  Millionaires averaged taxes of 24.4% of their income — up from 23.1% in 2008.  They, too, did not earn enough money to come anywhere close to covering the annual deficits that are $1.5 trillion a year.

Barack Obama was the first president to sign a budget with a $1 trillion deficit into law.

In fact, all the taxpayers — including the ones who get a refund check bigger than the withholding taxes they paid — have the money.

From Reuters: “Total adjusted gross income reported on tax returns, measured in 2009 dollars, was $7.626 trillion, down from $8.233 trillion in 2008 and $8.989 trillion in 2007. Total adjusted gross income was up only slightly from the $7.475 trillion reported in 2001, when there were 10 million fewer taxpayers. Adjusted gross income is the amount on the last line of the front page of a Form 1040 tax return.”

In the end, 51% of all Americans pay no income tax.  You could confiscate all of the income of anyone making $1 million or more a year and you still don't close the budget gap.  In fact, individual tax collections totaled $1.175,422,000,000 in 2009 - or 15.4% of all income.  Doubling federal income taxes for everyone would still leave us $400 billion or so shy of balancing the budget.  Of course, this does not even consider the likely increase in the cost of our debt carry which, if based on historic norms of 6.2%, would increase our debt service by over $800 billion per year.

On this basis, there is no possibility to cover the current deficit, increasing costs of entitlements and of course the rampant debt accrued under Barack Obama.  So, get your food, get your silver and stock up on lead!  You need to be prepared to defend your home and your family.  And if we're wrong, you've lost nothing more than peace of mind.  Make no mistake, S&P is simply the canary in the mine.  America under Obama, succeeding Bush, has created a disaster of Biblical proportions.  But like the Bible, you must read, study and internalize the message to act.  Game on!