These original Kirt's Cogitations™ may be reproduced
(no more than 5, please) provided proper credit is given to me, Kirt Blattenberger.
here to return to the Table of Contents.
Cog·i·ta·tion [koj-i-tey'-shun] – noun: Concerted
reflection; meditation; contemplation.
Kirt [kert] – proper noun: RF Cafe webmaster.
No Wonder I Feel Poorer
According to Standard of Living Committee, more federal
taxes were taken from citizens than the growth of personal income. From 2000-2001, GPI grew by $279.5 billion,
while federal tax revenues grew by $298.6 billion. The consumer taking on more debt makes up the difference.
American consumers' willingness to go deeper into debt to fund housing purchases or borrow equity out of their
homes to finance consumption came to the rescue. According to the National Mortgage News, residential originators
funded a record breaking $729 billion in home mortgages in 02Q3 and are set to come close to $2.5 trillion in
2002. This surpasses last year’s record of $2.066 trillion.