US Fiscal Inferno! US Government Debt Now Bigger Than US Economy, But Unfunded Liabilities (Promises) Are $632k Per Citizen (As California’s Governor Newsom Gives Away Free Healthcare To Illegal Immigrants)

Confounded Interest ^ | 12/31/2023 | Anthony B. Sanders

[Sirius Lee]

” Half of all American workers now make under $41,000 per year.”

What does that work out to after fed, state, and maybe local taxes? Minus SS and Medicare, Family leave?

[Gaffer]

Newsome’s plan is to give away everything and then put California in a too-big-to-fail bailout by the Fed setting the stage for complete changeover to full government control of everything - communism.

[PeterPrinciple]

With the Hopes that our World is built on they were utterly out of touch.
They denied that the Moon was Stilton; they denied she was even Dutch.
They denied that Wishes were Horses; they denied that a Pig had Wings.
So we worshiped the Gods of the Market Who promiced these beautiful things.

---

Being Dutch the above caught my attention. Stilton cheese appears to be english, not sure where the dutch comes in.

It appears cheese was a big deal with the poem was written.

https://www.pongcheese.co.uk/blog/a-history-of-brie-de-meaux/

....... Lord Castlereagh represented the English with Stilton, Dutch minister Baron de Falck nominated Limberger,..............After a vote they all praised French gastronomy and maintained that there was no other cheese that matched up to the Brie de Meaux and declared a new king ‘Le Roi des Fromages’ (King Of Cheeses).

But yes, I get the gist of the poem. Conservatism has many different meanings and images. It is important we talk about it and not let the left define it.

My takeaway is from my source, it is a philosophy, a way of thinking and way of life. There are principles of conservatism, not a hard definition.

[icclearly]

Could it be that your diagnosis and cure are wrong?

Nope. A second opinion from the top cancer hospital in the country.

How about the example of jumping from the top of a 100-story building I provided? I noticed you didn't have much to say about that one. Right?

Don't ask stupid questions.

[unlearner]

“Democrats and RINOs alike are proving incapable of any wisdom at all.”

You’re implying that they didn’t mean for this to happen.

They’ve been playing How to Bankrupt America for Fun and Profit my whole life. Seems like we’re almost at Game Over.

[Myrddin]

The collectivist writers love to say, "the US is a rich country" premised on the mistaken belief that the "US" is an entity in control of the monetary worth of every citizen as an aggregate resource. Likewise, the collectivist writers like to spread the pain by placing the aggregate liabilities on the heads of each citizen equally. The reality is assets and liabilities are held individually. There is not a "socialized" aggregation of either assets or liabilities.

The banks and politicians have run up huge liabilities. Bad debts. Derivatives where liabilities are magnified by the allowance of fractional lending i.e. you must have 10% of the sum in hand. The rehypothecation of assets is another form of dishonesty creating a banking system of swiss cheese. The mess is going to come crashing down soon.

[cgbg]

“$632,195 share per citizen of unfunded liabilties”

When you owe that much money there is no point in cutting spending.

Broke is broke...so you might as well partee!

[cgbg]

“When exactly will that happen? And what will be the trigger?”

I use the Event Horizon analogy.

The US (and almost all world economies) are circling the Black Hole.

They may be able to maneuver for a long time—or may not—but either way the end result is not in doubt.

From the long view of history the story is written—all that remains are boring details.

[aquila48]

That’s just as stupid an analogy,

If I jump out of a 100 story building I’m 100% sure of what’s going to happen in short order and I caused it to myself. This doom and gloom end of the world crap has been going on for decades... and nothing resembling the end of my life has happened. I’ll die of old age before any of this happens, and so will you.

Now tell me, since you worry worry so much about this what have you done to keep from falling other than type on a keyboard?

I’d like to know, so I can protect myself, too.

[icclearly]

I’d like to know, so I can protect myself, too.

Hey, oh, bright one.

I hate to break the news to you, but you can not be protected. We both have expiration dates.

You just go right ahead and think you are infallible.

When you grow up -- you'll learn.

[Worldtraveler once upon a time]

--- "You’re implying that they didn’t mean for this to happen. They’ve been playing How to Bankrupt America for Fun and Profit my whole life."

I suspect that some look forward to a "change" that would allow the Left to complete their "color revolution" in the states, and some who simply thought (and perhaps still think) that the grift can go on for a long time yet.

One Freeper, when challenged, said outright to me that the Paul Krugman stance -- just "service the debt" -- was in some way sensible. Of course it is the advice of just another Corrupt-ocrat.

I agree with you that many are "playing How to Bankrupt America for Fun and Profit." They should be Ceaușescu'd.

[unclebankster]

Conservatism is mostly believing and sticking with past experience and what has worked in the past for hundred of years. They see the world as imperfect but they make the best of it. They also don’t mind trying new things, but they want to do it carefully and slowly, lest they make things worse. They’re mainly live and let live types.

The opposite of conservatism is radicalism. Radicals also see the world as imperfect and unjust, but they want to fix it by throwing out everything that has worked in the past, even if imperfectly, and replace it with their untried, juvenile, wishful thinking, idealistic ideas. Basically throwing out the baby with the bathwater. And they are so driven by such a messianic zeal to do so, that they don’t mind killing a few millions in their ruthless process.

***********************

Great statement.👍

[aquila48]

What do you think the Gods of the Copybook Headings refer to? Who or what are these gods?

And what are Copybook Headings?

[dfwgator]

Burn, Baby, Burn....Fiscal Inferno....Burn, Baby, Burn, burn that mother down.....

[Worldtraveler once upon a time]

--- "What do you think the Gods of the Copybook Headings refer to? Who or what are these gods? And what are Copybook Headings?"

Students copied phrases and sentences repeatedly as part of an education system. A copy book. Write fifty times....

Please see: https://www.johnderbyshire.com/Readings/gods.html

And the Kipling Society is a fine resource.

Today's copybook headings are the constant, 24/7 op-eds with so many repetitions so as to swamp a possibly critically oriented mind with numbness. This whole subject relates (oddly on this New Year's day) to another Freeper post which interlocks.

The gods of the copybooks headings are those sociopaths and psychopaths constructing our trendy and ever-changing "daily meditations."

Please see: "Psychopathy and the Origins of Totalitarianism (A Very Important Paper to Understand where We are Today)"

Source: https://freerepublic.com/focus/chat/4207045/posts?page=1

Best wishes.

[CodeToad]

I have not researched the interest payment schedule for the national debt, but I can only surmise that our interest-only debt payments are going to go from about $700 billion to triple that in a few years as the short term debt instruments come due and interest rates have significantly risen. If so, we will be adding over $2 trillion each year to our debt as we borrow to make those payments.

The US Debt Clock has our national debt at $45 trillion in 2028, up from the current $35 trillion. I think they are low. We'll get to that higher figure just from the interest rates increasing.

Robbing Peter to pay Paul.