Posted on 04/07/2016 2:22:03 PM PDT by E. Pluribus Unum
Report finds issues with reliability of government’s financial statements, improper payments
An auditor for the Government Accountability Office told lawmakers Wednesday that in the next few years the federal government will owe more than our entire economy produces.
Gene Dodaro, the comptroller general for the Government Accountability Office, testified at the Senate Budget Committee to provide the results of its audit on the government’s financial books.
“We’re very heavily leveraged in debt,” Dodaro said. “The historical average post-World War II of how much debt we held as a percent of gross domestic product was 43 percent on average; right now we’re at 74 percent.”
(Excerpt) Read more at freebeacon.com ...
Hey, no big deal! Obama can print more!
And that was obammy’s intention.
If we total up all of the Federal, state, and local debts along with the unfunded pension debts then we’re way beyond 100% GDP-to-debt ratio.
“Owe?” To whom? Are the fools on the receiving end still gullible enough to believe they will ever be paid?
This is why I want a businessman to be Prez for 8 years or so. Even if I’m not all that crazy about him!
They have used a large portion of those dollars to buy us and both sides
of our government. The GOPe is actually owned by our creditors.
“If we total up all of the Federal, state, and local debts along with the unfunded pension debts then we’re way beyond 100% GDP-to-debt ratio.”
That’s not the issue, most households are the same way. The problem is the curve is getting steeper/worse, not better or even leveling off.
How on earth can this be fixed. Even Donald Trump in his top form will be challenged.
We won’t run out of money, the Fed can print all we need!
AInt Credit Money Great?
Well, first of all, the corrupt government thinks your money is their money. And second of all, the corrupt government thinks their debt is your debt and your fault.
It's a lot. It's like having a mortgage that is higher than your Salary.
It's not good. But it's not the end of the world.
Trump will bring it down. And he's the only one that really understands how to do it effectively.
RE: “And that was obammy’s intention.”
You’ve got that right - Obola knows Exactly what he’s doing.
I used to encounter these leftist creeps at Universities I did work at.
They proudly named their leftist societal sabotage planning: “Wrench in the works” meetings.
Hippie bass turds
May 2, 1966 issue of The Nation magazine by a pair of radical socialist Columbia University professors, Richard Andrew Cloward and Frances Fox Piven. David Horowitz summarizes it as:
The strategy of forcing political change through orchestrated crisis. The “Cloward-Piven Strategy” seeks to hasten the fall of capitalism by overloading the government bureaucracy with a flood of impossible demands, thus pushing society into crisis and economic collapse.
Who cares.
The Soviet Union and Red China did the same thing as obama, and they worked out fine.
Right?
And impossible though it may seem, we CAN grow our way out of debt, providing the impulse to “pay ourselves first” can be contained long enough for the realization that in doing so, we are taking it from our grandchildren and all succeeding generations.
It took MANY years and MANY generations to distill this collective wisdom, and what do the people in Washington and our state capitals and city councils do? Throw it all away because we “owe it to ourselves”.
We are only stewards for a little while on this earth. Maybe it is time to return to the concept of “pay it forward”.
No problem. Social Security and Medicare are broke but the Kenyan has decided to use his “pen and phone” magic to put all of his “undocumented” illegal alien ‘RAT voters on Social Secuity and “disability”. Gotta keep those commie ‘RAT voters happy or they’ll leave the ‘RAT plantation.
ANY Republican will be challenged because they will try to stop the “train”.....a DEM on the other hand will continue the “train”....both, however, seem to lead to the same wreck....
This auditor is really stupid. Doesn’t he know all they need to do is tax the rich?
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