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I don’t know that it can be minimized. I pulled this off wiki:
http://en.wikipedia.org/wiki/United_States_public_debt
An excerpt:
Calculating and projecting the debt
2010 Budget: Projected deficits and debt increases in President Obama’s 2010 Budget
2010 Budget: Total Debt $ and % to GDP
Tracking current levels of debt is a cumbersome but rather straightforward process. Making future projections is much more difficult for a number of reasons. For example, before the September 11, 2001 attacks, the George W. Bush administration projected in the 2002 U.S. budget that there would be a $1.288 trillion surplus from 2001 through 2004.[61] In the 2005 Mid-Session Review, however, this had changed to a projected deficit of $850 billion, a swing of $2.138 trillion.[62] The latter document states that 49 percent of this swing was due to “economic and technical re-estimates”, 29 percent was due to “tax relief”, (mainly the 2001 and 2003 Bush tax cuts), and the remaining 22 percent was due to “war, homeland, and other enacted legislation” (mainly expenditures for the War on Terror, Iraq War, and homeland security).
Projections between different groups will sometimes differ because they make different assumptions. For example, in August 2003, a Congressional Budget Office report projected a $1.4 trillion deficit from 2004 through 2013.[63]
However, a mid-term and long-term joint analysis a month later by the Center on Budget and Policy Priorities, the Committee for Economic Development, and the Concord Coalition stated that “In projecting deficits, CBO follows mechanical ‘baseline’ rules that do not allow it to account for the costs of any prospective tax or entitlement legislation, no matter how likely the enactment of such legislation may be.” The analysis added in a proposed tax cut extension and Alternative Minimum Tax reform (enacted by a 2005 act), prescription drug plan (Medicare Part D, enacted in a 2003 act), and further increases in defense, homeland security, international, and domestic spending. According to the report, this “adjusts CBO’s official ten-year projections for more realistic assumptions about the costs of budget policies”, raising the projected deficit from $1.4 trillion to $5 trillion.[64]
The 2010 Budget proposed by President Barack Obama projects significant debt increases.[65][66] The debt is projected to nearly double to $20 trillion by 2015, but is expected to increase to nearly 100% of GDP by 2010 and remain at that level thereafter. These estimates assume real GDP growth (after inflation) ranging from 2.6% to 4.6% annually from 2010 through 2019, which exceeds Blue Chip consensus estimates.[67] Approximately 70% of federal spending is in four categories: Defense, Medicare, Social Security, and interest on the debt. As of June 2009, Obama’s policies enacted into law were only a minor influence on debt and deficit projections. However, Obama himself has been criticized for not having a realistic plan for addressing the increasing debt.[68]
parsy, who thinks the numbers are so out of whack, money will have to printed
Today, the powers that be are in the know, or are just too incompetent to fix it...and as the author states, and Ive seen many others state, you cant have a group of people that large, make 100% WRONG decisions w/o it being purposeful...
IMO, they KNOW the bridge is about to collapse, and KNOW that a 'million bucks' aint gonna buy a loaf of bread shortly, so they are hedging and leveraging everything towards becoming trillionairs [thats 12 ZEROS] to have some power in the aftermath...
gilbo, who thinks that all the lies of our 'representatives' have sentenced my kids to suffer while I fight for the rebuilding the new USA in Glory to God...
Obviously, nobody here is bullish on America. (Somebody must be, cuz the DOW’s been on a run. Fools.)
I guess, by “minimize the damage”, I meant NOT maximizing the damage, which the marxists are trying to do.
I could come up with plenty of solutions for the Medicare nightmare. Newt has ideas galore. But the only ideas that would be considered by congress are the bad ones.
A $70 Trillion unfunded liability is easier to default on than a loan. It is not as if we ever borrowed $70 Trillion from the boomers. From their perspective, the $70 Trillion is an asset, but it is asset that will be liquidated by them at a fraction of today’s face value.
cPete, who knows the West is melting.
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