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CBO: $120 trillion: The shocking true size of our nation's debt
Michael D. Tanner is a senior fellow at the Cato Institute.
OP-ED NY POST, 6/26/11

EXCERPT The CBO released a new report this week showing that the federal government’s publicly held debt would top 101% of GDP by 2021, more than the value of everything produced in this country over the course of a year. By 2035, the publicly held debt, CBO says, could top an almost unfathomable 190% of GDP. And that was the good news. The federal government actually has three different types of debt.

(1) Debt held by the public, the type of government bonds that you — or the Chinese government — might own. Growing levels of publicly held debt can drive up interest rates in the long-run, and may already be choking off interbank lending.

(2) There is “intragovernmental” debt---debt that the federal government owes itself, such as to the so-called Social Security Trust Fund. Intragovernmental debt exceeds $4.6 trillion. The good news here is that it is not projected to grow much ..... because both SSS and Medicare are already running deficits — there’s nothing left to steal.

(3) "Implicit govt debt”.......unfunded obligations of programs such as Social Security and Medicare — that is owed in benefits in excess of the amount of taxes that they expect to take in.

-- SNIP long read--

http://www.nypost.com/p/news/opinion/opedcolumnists/trillion_the_shocking_true_size_tOxcrobUBUup9IEW3vQAhJ#ixzz1QMwnRbMjall

Here's a graph that shows how Obama "Stimulated" the Economy------with run-away spending.

Now the US Treasury and HHS entries must be seen in this context. Ohaha's
then-COS---the power-mad Rahm Emanuel---took control of the US Treasury, took
over the census, and put his brother in charge of Medicare/Aid billions and O/Care
billions. Can you say offshore accounts? Govt fraud? Money laundering? Illegal
conversions of govt monies?

Interesting that the TARP bailout happened in 2008Q4 period, as the economy tanked.

The $700B TARP Bailout is now being called, "A MASTERFUL DECEIT." Congress' phony outrage is a puzzlement. If HR 1424 was a 'MASTERFUL DECEIT' then CONGRESS didn't do its job.

TITLE I—TROUBLED ASSETS RELIEF PROGRAM
(required 'Congressional Oversight' sections follow)
Sec. 101. Purchases of troubled assets.
Sec. 102. Insurance of troubled assets.
Sec. 103. Considerations.
Sec. 104. Financial Stability Oversight Board.
Sec. 105. Reports.
Sec. 107. Contracting procedures.
Sec. 108. Conflicts of interest.
Sec. 111. Executive compensation and corporate governance.
Sec. 116. Oversight and audits.
Sec. 118. Funding.
Sec. 119. Judicial review and related matters.
Sec. 121. Special Inspector General for the Troubled Asset Relief Program.
Sec. 125. Congressional Oversight Panel.
Sec. 127. Cooperation with the FBI.
Sec. 129. Disclosures on exercise of loan authority.

In HR 1424, there are enough rules, regs and CONGRESSIONAL OVERSIGHT REQUIRED that not one Thin Dime should have been 'misspent.' So if anything crooked did go on Congress should look in a mirror. They dropped the ball -- or were they in on the scam?

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$6.4 Billion Stimulus Goes to Phantom Districts
watchdog.org | November, 2009 | staff
FR Posted August 09, 2010 by bronxville

Just how big is Obama's stimulus package? Well for one, it has doubled the size of the House of Representatives, according to recovery.gov. TARP funds were distributed to 440 congressional districts that do not exist.

According to data retrieved from recovery.gov, nearly $6.4 billion was used to “create or save” just under 30,000 jobs in these phantom congressional districts–almost $225,000 per job. The web site operates on an $84 million budget and is tasked with monitoring the distribution of the $787 billion stimulus package passed by Congress–which, for the record, counts 435 members–in early 2009...

SOURCE http://watchdog.org/1530/6-4-billion-stimulus-goes-to-phantom-districts/