Posted on 02/03/2016 2:41:30 PM PST by Olog-hai
On Monday the U.S. national debt hit a new record: $19,012,827,698,418. This is the first time the national debt has ever exceeded $19 trillion. That's more than $58,000 for each person who lives in the U.S. today (including children).
The main culprit behind the rising deficits and debt is growing federal spending--especially among Social Security, Medicare, Medicaid, and Obamacare.
Traditionally, Congress has set a limit for how much debt the U.S. may take on, known simply as the debt limit. But rather than put a higher limit on the debt, lawmakers and the president have repeatedly suspended the debt limit, most recently in November of last year through March 15, 2017. During a debt limit suspension, the Department of Treasury is authorized to borrow however much is needed to pay all federal obligations that come due. This means there is basically no limit on debt the U.S. may take on. [...]
Federal health care programs like Medicare, Medicaid, and Obamacare, plus Social Security, and interest on the debt are responsible for 83 percent of the projected increase in spending over the next decade. ...
(Excerpt) Read more at cnsnews.com ...
Just think how high that debt would be if not for the penny pinching Republican Congress!
If I could pay mine off and guarantee never to have to pay another tax in my life. I would write that check out now and send it in. Of course you can never trust politicians. But wouldn’t that be great. I think I would actually make out pretty good in the long run.
Time for a world wide telethon for America’s debt. Hollywood?????? Where are you? Rich CEOs who want to pay more taxes. Where are you?????
But that is a ridiculous thing to really count. I mean you know that you will have a roof to replace in 10 years, do you add that to your debt? Nobody does that. So that unfunded liability thing is really crap.
Except only half will be required to pay, so make that $116,000 each.
Then, those that don't pay will be entitled to a tax credit, providing them with a one time stimulus payment of $20,000 (and a free cell phone) driving the number to $136,000 plus (the Affordable Care Act Penalty).
I’m sending my bill to every ahole with a Bernie! or Hillary! sign in their yard or on their car.
and eff every damn one of ‘em.
No worries, when Trump is president we can all declare bankruptcy.
Looks interesting. From 1979. I am going to try and watch it.
Thank you.
And with only about 100 million actually paying federal income tax, that’d be about 192,000.00 per actual taxpayer.
Ya tell that to GM because it eventually bit them in the @zz. While Ford spun off their Union Health Care to a VEBA and initiated buyout to all that are retiring ( lump sum vs pensions ) with an uptake rate of 30%.
You tell me who's books are better...
Every Corp in America worth it's salt is trying to get rid up long term liabilities.
Same thing with Fedzilla, we are what 200 Trillion in Debt if you use GAAP principles. So are Stockman and former Comp-Controller David Walker crazy for using numbers in the range of 100 Trillion to 200 Trillion +? That is depending on which books you add back that they are not currently adding @ Disney on the Potomac...
Easy to fix just print enough money to pay it off . Better yet run that money through the economy in the form of stimulus funds and the boost to the economy will pay off the debt in federal revenue increases.
Oh wait hasn’t this been/being done.
The pols have gotten us in this mess- take their war chests, pensions, saving and secret Swiss accounts, then get the public sector union war chests, I am being a tad sarcastic-
In my opinion unless they push the reset button there is not enough capital left anywhere to pay off the debt. The closest may be 410k’s although with stock market down who knows.
No. This is a disaster and a global meltdown followed by a catastrophic war could well happen in the next ten to twenty years.
Nonsense.
EVENTUALLY you have to pay for the roof.
All those pensions and healthcare , romised by the Feds. States and Cities are rapidly coming due. So are all those bond issues for schools, etc.
But just keep your head buried in the sand.
Hey NEAT!!!
That also means I own 90,000 square feet of federal real estate --y'all can have yours in downtown D.C. and I'll take the Federal Reserve Depository in Manhattan. OK, I probably would have to share the gold there ($1,000 for each of us) but then I also get to have a Renoir from the Smithsonian and one of the jet planes at the nearest Air Force Base.
What, I'm acting like a silly little kid? Yeah I know it but anyone here who thinks Americans each owe $58K is also childlike, but doesn't know it.
Nobody’s out-childing the entrenched DC politicians. Isaiah 3:4 in action.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.