Posted on 09/02/2009 7:03:15 AM PDT by Jabrown
Within just 2 years, current Washington leadership will have raised the level of national debt by 30%. Moreover, based upon their own projections, today's national debt will have double by 2019. As I mentioned earlier, based upon today's population of 300 million Americans, our government will have indebted each of us to the tune of more than $63,333. If the population were grow to 450 million by 2019, then every man, woman and child will hold title to just $47,499 in national debt. At the rate we are going we are levying a lifetime of high taxes upon our children.
The debt Washington is creating is unsustainable for 2 primary reasons. First, our nation must be able to actually finance this debt. Despite the administration's dispatching of Secretary Geithner to China in June, China (the number one purchaser of US debt instruments) made the decision to reduce their holdings in US debts by nearly 3%. In addition to the reduction, the Chinese have reduced their ongoing...
(Excerpt) Read more at politicallydrunk.blogspot.com ...
If I give the government $126,666 for the 2 of us now does that mean I will nwver have to pay taxes again??
If so, i’ll write the check today!
I think people need to see what that $63K buys.
Break that list down and show the people what Big Government brings you for “free”.
The government needs to contact my wife. She has a solution to 30 years of deficit spending. It’s called the redneck retirment plan. Just before we’re ready to retire she’s going to buy a bunch of lottery tickets. We’re going to retire on winnings.
this is not sustainable
this is going to implode and take this country down to 3rd world status
Imagine that little girl’s face when she realizes she’s actually in debt $339,000.
http://conoverc.wordpress.com/2009/07/01/119/
How Deep is the Hole? Twitter this: $104 TRILLION. In policy-speak, the net present value of unfunded liabilities for Medicare alone now equals $88.9 trillion*–more than six times the annual output of the entire U.S. economy in 2009 (and, coincidentally, nearly six times the equivalent tab for Social Security, i.e., $15.1T).
Our nation is walking around in denial of being eat up with a terminal case of financial cancer and our government is practicing voodoo to try and delay the inevitable. - OB1
“I felt like giving up...”
I don’t get your point. You gave up because $104 Trillion made you sick to your stomach at the recklessness of federal policymakers? Sorry, this doc can’t help you. You gave up because you don’t know what “net present value of unfunded liabilities” means? You should have just kept reading:
“This unfunded liability is the amount that Medicare will cost U.S. taxpayers over and above what current revenues would provide assuming no statutory changes in the program. Essentially, it is the net amount of money Medicare would need today to cover the gap between all projected spending on future promised benefits and all projected revenues that are dedicated to Medicare (i.e., payroll taxes, Part B and D premiums, and interest earnings on the Medicare Part A Trust Fund).”
If there’s a clear way of explaining that, please advise.
Oh, I see, I wasn't at all clear.
My wanting to "give up" was just a way of saying how depressing these figures are. They are worse than the 56 trillion I've been discussing with my wife and my three (young adult) sons who will have to deal with paying this off much more than my wife and I will.
Thanks for offering to clear it up but (I think) I understand it all too well.
But I promise not to give up even though sometimes it seems like too much even for America. I pray this is not true.
Well, I encourage your 3 sons to at least read this part of the blog post:
# Why Young People Especially Should Care. In more concrete terms, absent reform, by 2078, the average out-of-pocket health expenses of a typical 65-year-old Medicare beneficiary–including premiums for Parts B and D of Medicare and the deductibles and copayments–will absorb 97% of the average Social Security check. For the average 85-year-old, that fraction would be 117%. [Note to GenX, GenY and Millenials: save early and save often. I realize President Clinton’s claim that “young people in their twenties think it’s more likely that they will see UFOs than that they will ever collect Social Security” may have approximately the same truth value as his assertions about a former WH intern. But for the brightest and best among you, a word to the wise is sufficient.]
Yes. Thank you.
this is going to implode and take this country down to 3rd world status
That was the point I was trying to make to a liberal last week. We're already borrowing 40% of what our budget is for next year. At some point we have to pay the bill and all these nice programs are going to have to get cut. At that point you have done more harm to the poor than if you hadn't ever started the programs.
Thats very true. Lets tell them they are ‘entitled’ and later they are on their own after getting hooked. How is that compassionate?
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