US Debt Clock crosses $13,000,000,000,000

It's actually worse than that...

Our national debt with unfunded liabilities is ~$62,000,000,000,000 (62 Trillion) - beyond the 13 trillion we owe for borrowed debt, we are on the hook for the future promises of social security and medicare that have been made (and we are obligated to pay by current law).

Here is a link to a good explanation:
http://www.pgpf.org/about/nationaldebt/

It is really unbelievable the mess we are going to be in - be worried for our children.
 
one-eyed Jack said:
If I send in a check for $118,000 will they leave me alone? Jack.
Click to expand...

You have been around long enough to know that's not the way it works. It's like trying to get a mugger to go away by giving him $50 to leave you alone. All that proves to him is that A) you have money - and - B) if he threatens you enough you will hand it over.
 
I am damn troubled by all this. The government has created an individual liability of $42,000 for every member of my household. My wife and three children are in the hole for over $200,000.

I'd like to see hope and change. Hope that someone, somewhere in government would realize this is not sustainable. And change that would decrease spending, rather than creating huge entitlement programs that will bankrupt our nation.

We see what is happening in Greece. Iceland, Ireland, Spain, Portugal and Italy will not be far behind. Nations cannot keep spending without regard for repayment. It is a giant snowball rolling down hill, nipping at our heels until such time as it catches up and buries us.

Here is a chart of deficit spending during the Bush term, and the the government's own projections during the Obama administration. Where will this come from? Who will pay for it without ruining our lives?

wapoobamabudget1.jpg


Knowing how our government works, their projections are likely best case scenarios. To say I don't trust the bastards is an understatement.

The tipping point is close at hand. And when we reach that point of no return, I for one don't want to be around to see the grand finale. It will be ugly... and our once great nation will be gone.

Thanks for listening.

Rich
 
Stryker said:
It's actually worse than that...

Our national debt with unfunded liabilities is ~$62,000,000,000,000 (62 Trillion) - beyond the 13 trillion we owe for borrowed debt, we are on the hook for the future promises of social security and medicare that have been made (and we are obligated to pay by current law).

Here is a link to a good explanation:
http://www.pgpf.org/about/nationaldebt/

It is really unbelievable the mess we are going to be in - be worried for our children.
Click to expand...

Just keep in mind, that 62 Trillion Dollars includes Social Security and Medicare for people who haven't even started working yet. The estimated medicare expenses for the children born immediately prior to the release of their study are included in that 62 Trillion Dollars. I don't know (since I don't have the exact details of their methodology) if that number also includes unborn children or not.

I'm not saying it's not a problem, I'm just pointing out the numbers they are using in an effort to make their point so everyone know what number they're refering to.

Yes, something MAJOR has to be done. I believe that includes both increasing some taxation (especially the bottom half of earners with limited or no tax liability) AND major cuts to both entitlement programs and government spending.

US National Debt is rapidly approaching GDP, which is VERY, VERY bad, but it's the equivelent of median income family (50k/year income) with a 250k house (Government income is about 20% of GDP) The bigger problem is the extra 5k/year they're ADDING to the mortgage.
 
I remember hearing Obama say that we needed his health care bill or else we were going to be bankrupt in no time.

I'm really beginning to think that his plan is to use it in some shell game to buy another few years if not use it as a means to bury the payback.
 
Another article about this - $300 billion more this week:

Deficit: $13 Trillion and Counting. Meanwhile, $300 Billion More in Boondoggles Will Be Voted on This Week.
Gary North

May 27, 2010

Take a look at the U.S. debt clock: http://www.garynorth.com/public/department79.cfm

This is the on-budget debt. It does not include Social Security and Medicare.

So, what is Congress doing? Getting ready to pass a $300 billion spending bill before Memorial Day. Read about it here.

There are voters who think the nation is in good shape, that nothing is wrong, and that the government needs to spend more. We will soon see if Congress agrees with them. It looks as though it does.

We are facing a debt-based catastrophe, but Congress refuses to cut back on spending. With interest rates on T-bills at under two-tenths of a percent and 30-year T-bonds at 4.11%, it's bonanza time for Congress. It can borrow nearly free money short term.

The blindness in Washington is total. The European Union is facing a break-up because of unpayable national debts, yet Congress spends as if there were no problem. The dollar is up. Lenders are ready to fork over the money. The flight to safety has subsidized the Treasury and hence Congress. Congress is not going to let free money just sit there. It is going to buy votes in an election year.

Does Congress think the Tea Party is a non-event? It looks like it. Otherwise, there would be lots of grandstanding for the folks back home. "I voted down this bill! Let's see if it passes.

Will there be 100% opposition from Republicans? If not, they do not think the Tea Party is significant.

Politicians respond to pain and little else. Until the Tea Party can inflict electoral pain on incumbents, and lots of it, for two elections in a row, it will be ignored by Congress.

These people live with their index fingers in the wind. They do not yet perceive that the wind has shifted. Bob Bennett's defeat did not register. Rand Paul's victory did not register. Nothing will register until November's results are in.

We are seeing a kind of mania of Federal spending. Congress is determined to enact Keynesian deficits on a massive scale. So are European governments. China, too. All over the world, deficits are rising. They believe that this will produce economic growth. The politicians are trying to set an example for consumers. They want consumers to spend, not save.

I see no reversal on the horizon. I think the deficits are permanent. There is no fear of them in Congress.

The cheering from Keynesian policy wonks in the highest levels is continual now. There is no plan for cutting back on spending. There is no plan for the Federal Reserve to start selling assets. It is business as usual.

Niall Ferguson laid out the scenario. I see nothing to indicate that his scenario is exaggerated.
Click to expand...
 
Here's the Niall Ferguson article(s) he was referring to:

The American Empire: An Advance Obituary
Gary North

May 22, 2010

Harvard's Niall Ferguson has written a bombshell of an article on the demise of empires. He says ours is close to the end. He shows why: lack of money. Too much Federal debt.

This was published in Foreign Affairs, the journal of the Council on Foreign Relations. The CFR does not deliberately publish crank articles.

His main point: empires fall very fast. Second, the main reason for their fall is a fiscal crisis. Third, ours is close at hand.

You really do need to read this:


http://www.informationclearinghouse.info/article24874.htm
Click to expand...
 
I know this will get me flamed but Reagan and Bush were no friends to our National Debt, under their watches the ND as a % of GDP went up significantly. This isn't a Republican vs. Democrat issue, as both parties are spending like there is no tomorrow.

Vote Libertarian.
 
BradM said:
I know this will get me flamed but Reagan and Bush were no friends to our National Debt, under their watches the ND as a % of GDP went up significantly. This isn't a Republican vs. Democrat issue, as both parties are spending like there is no tomorrow.

Vote Libertarian.
Click to expand...

The facts speak for themselves:


FirefoxScreenSnapz002-2.jpg
 
BradM said:
I know this will get me flamed but Reagan and Bush were no friends to our National Debt, under their watches the ND as a % of GDP went up significantly. This isn't a Republican vs. Democrat issue, as both parties are spending like there is no tomorrow.

Vote Libertarian.
Click to expand...

+1, and anyone who flames you is a dolt.
 
richc said:
The facts speak for themselves:


FirefoxScreenSnapz002-2.jpg
Click to expand...

Any charts on where the increase in debt/GDP stood before the Roosevelt/Truman term years? That might give us some insight into whether what we are going thru now has any chance of recovering - or whether we are headed for a cliff.
 
The deficit first became bloated under Andrew Jackson, although his plan was to leave office debt free (something he really strived for and believed in), economic woes of the time caused the debt to expand quite a bit during his term. It's been going up ever since.
 
Check out unfunded liabilities! Over $100 TRILLION! Yikes. That's never going to get paid. What a great marketing tool for guns, gold and canned goods.

As of 9:26, 5/29/2010:

usdebt.jpg
 
"Defaults on subprime mortgages produced a relatively small surge in the United States that tipped the entire world economy into a financial blackout, which, for a moment, threatened to bring about a complete collapse of international trade. But blaming such a crash on a policy of deregulation under U.S. President Ronald Reagan is about as plausible as blaming World War I on the buildup of the German navy under Admiral Alfred von Tirpitz."
 

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