American homes are valued at about $16 trillion dollars. The national debt is over $15 trillion dollars. If we all sold our homes and used the money to pay off the national debt we could do it, today. We are losing value in our homes for years now and the national debt is growing. Tax the rich sounds like a nice slogan but they don’t have enough money to pay off our debt.
We keep hearing from the media about all the money the big corporations have, but they only have a bit over $2 trillion dollars. It would hardly make a dent in our big debt if we taxed it all away. The Obama Administration has failed to provide leadership on jobs, debt reduction, trade deficits, and anything else to do with the economy.
The unemployment rate has fallen recently from 9% to 8.5% but even that is a historically high figure. The problem is that more people did not find work; more people just stopped looking for work. As the government keeps increasing the age that people have to work in order to retire they keep the labor market full of old people. As the Obama Administration fails to enforce our immigration laws the labor market is full of illegal aliens that keep wages low. The middle class is dying in