14 Facts About The Federal Deficit That Will Blow Your Mind

Business Insider ^ | Mar. 15, 2010 | Michael Snyder |

[george76]

The U.S. government is currently creating one of the most colossal monuments in the history of the world. It is the U.S. national debt, and it threatens to literally destroy the American way of life.For decades now, this generation has been recklessly spending the money of future generations and has been convinced that they have been getting away with it.

Americans have been enjoying an obscenely high standard of living, but the party is almost over and the day of reckoning is fast approaching. It has been a great party, but it was fueled by the biggest mountain of debt in the history of the world.

As many of us know, it can be extremely fun running up a huge credit card bill, but it can be even more painful to pay it off. Now our national "credit card bills" are starting to arrive and nobody really seems to know what to do. The U.S. national debt will forever be a lasting reminder of the greed and recklessness of this generation. The truth is that the United States is NOT the "richest and most powerful nation" in the world. Rather, we are a spoiled, bloated, greedy nation that has run up a debt so big that words simply do not do it justice.

In fact, the U.S. national debt is so bizarre that it is hard to know whether to laugh about it or cry about it.

[Travis McGee]

"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."

-~~Ludwig Von Mises

[WOBBLY BOB]

When you factor in the unfunded liabilities for Medicare and Social Security, the national debt is closer to $56 TRILLION.

http://www.pgpf.org/about/nationaldebt/

The Next Six Bailouts?

http://abcnews.go.com/Business/bailouts-/story?id=9456477&page=1

Was the government’s $3.8 billion infusion of cash into GMAC last week a sign of what’s to come in this new year?

Some experts expect to see billions more in bailouts in 2010 — this despite the fact that all nine original recipients of the government’s Troubled Asset Relief Program (TARP) have repaid the tens of billions in loans they received in 2008 and 2009.

Read more at abcnews.go.com ...

The next six :

Fannie Mae and Freddie Mac

Federal Housing Administration

AIG

Citigroup

States

Pension Benefit Guaranty Corporation

Other unfunded bailouts strategically and/or stupidly omitted by ABC Smooze :

FDIC

Medicare, Medicaid and ObamaCare

Social Security

Civil Servant Pensions

Many more banks when ARM’s hit and the commercial R/E bubble pops

Several trillion in short term debt rolloverswithin the next couple of years

A couple of trillion or so to foreign governments who want to cash out of Treasuries

A few trillion in added interest costs when the U.S. loses its AAA rating and/or when interest rates skyrocket

[unixfox]

Not to be worried, our great Messiah will fix everything. As long as we have our health then what’s the big deal? /sarc

[OldPossum]

Not to worry. The Democrats are on the job.

[Carry_Okie]

For decades now, this generation has been recklessly spending the money of future generations and has been convinced that they have been getting away with it.

I think that was true of both the last generation and the one before it.

[DoughtyOne]

Americans have been enjoying an obscenely high standard of living...

Our standard of living isn't the problem. The problem is, our government is siding with those who despise those who have a decent standard of living, so much so that they will steal from them and drive this nation off a cliff to appease them, rather than to tell them to get off their lard asses and get to work.

[Tarpon]

NObama’s goal, slavery by debt so large it can never be repaid. Evil walks the halls of government in our land.

[familyop]

"It is the U.S. national debt, and it threatens to literally destroy the American way of life."

The default won't destroy the American way of life known between 1945 and 1973. ...or between 1776 and 1860. The socially perverted and reprobate beast that we know now will be destroyed. She (anti-family socialism) tempted us many a time, and she'll get hers.

Can't support big government without revenues, and can't re-inflate to pay for it without a manufacturing base. I'll be on the lookout for a good, very low cost homestead for you, George, if you don't already have one (requires much planning and hard work).

[fullchroma]

To read later, with alcohol.

[sergeantdave]

Seeing more people step off the government grid and join the underground economy/black market. Food, tools, weapons, ammo for sale with no cut to local, state or federal government. The fat federal bureacrats won’t survive.

[george76]

Thanks.

Massive new property taxes are a worry. We need to be a tax free *non-profit.*

[MaryFromMichigan]

To read later, with alcohol.

Brace yourself, FRiend, and read just this one quote, "To pay this 12.1 trillion dollar debt would require approximately $40,000 from every single person living in the United States."
Pray for our country.

[philetus]

LOLOLOL

6 comments to For Americans Wishing To Leave The United States, What Is The Best Country In The World To Move To?

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Tera
March 15th, 2010 at 4:46 pm

I’m an American, and I can’t tell you how badly I want to get out of this country. I want to move to China, but I don’t even have the money to buy food much less a ticket out of here for me and my family. We get foodstamps from the government so we can go buy food, without them we would starve. To be honest, everyone says that America is the strongest country in the world. If so them why are its people suffering. If I could I would get my family out of here to a better future, but its impossable becasue I’m so poor.

[Toddsterpatriot]

When you factor in the unfunded liabilities for Medicare and Social Security, the national debt is closer to $56 TRILLION.

When you factor in the unfunded assets for Medicare and Social Security, the national debt is back where you started.

[StormEye]

"The U.S. government is currently creating one of the most colossal monuments in the history of the world. It is the U.S. national debt, and it threatens to literally destroy the American way of life."

Correction: The U.S. government DEMOCRAT PARTY controlled U.S. government is currently creating one of the most colossal monuments in the history of the world. It is the U.S. national debt, and it threatens to literally destroy the American way of life.

[TigersEye]

Not to worry. The Democrats are on the job.

#4) The U.S. government's debt ceiling has been raised six times since the beginning of 2006.

Yes, they are. The Dems took the majority in 2006.

[familyop]

"Massive new property taxes are a worry. We need to be a tax free *non-profit.*"

That's a concern. I'll send you a Freepmail with some info for you personally (no pecuniary benefit to me).

[WOSG]

The default won’t destroy the American way of life known between 1945 and 1973. ...or between 1776 and 1860. “

Well, that is all long-gone.

[wastoute]

It may be all gone, but it will ocme back in an afternoon. I keep wondering if we won’t see a sort of “Sean of the Dead” day when the gummint checks stop flowing. I think it will be a rough patch, but the survivors can rebuild and can start with the COnsitution. The challenge will be to survive.