Too much partying going on in DC from spending to hear the town crier.
Article V. is the only solution.
this is obviously a manufactured crisis to put America in an economic death spiral.
He has a pen and a phone. He can simply cancel all vet benefits, Social security ect and use that money to fund penis washing clinics in Africa and mosque building in the mid east.
What’s the problem? Besides, he can just print more. No biggie. These CBO people hate him cuz he’s black is all...
CBO’s a little late to the party, pals. Why now? These folks don’t do things without a reason.
Bingo. Also, don't let 'em fool you. Total spending, not the debt, is the real problem. If government convinces you that debt is the crisis, the next step is to pressure a rise in taxes.
The real issue is the $4 trillion government which need to be cut by at least 80% (=$800 billion, still too large, but it's a start) and replacing it with THE FREE MARKET. HHS bureaucracy alone is $1 Trillion. NUKE IT.
Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax ... If you’re not paying for it in the form of explicit taxes, you’re paying for it indirectly in the form of inflation or in the form of borrowing. The thing you should keep your eye on is what government spends, and the real problem is to hold down government spending as a fraction of our income, and if you do that, you can stop worrying about the debt. -- Milton Friedman
http://www.realclearpolicy.com/articles/2012/12/18/remember_milton_friedman_spending_is_taxing_382.html
“The projected cumulative deficit from 2015 through 2024 is $286 billion less than it was in February: Though projected revenues are slightly below the amounts that were previously reported, projected outlays have dropped by more, largely because of lower subsidies for health insurance under the Affordable Care Act. CBO also projects slightly lower outlays for Medicare, the Supplemental Nutrition Assistance Program (formerly known as Food Stamps), defense, and net interest.”
Yeah, right...
The challenge isn’t knowing the final outcome, it’s knowing the timeline. That’s the really difficult part.
How “unexpected.”
“The CBO report says gross federal debt will soar from $17.7 trillion to $27 trillion over the next ten years.”
Plus the $100T in unfunded liabilities and now we are talking real money!
Just to scope the current $17.7T for my FRiends, it is so large that you could confiscate every piece of currency in existence in the entire world and you still would not have enough to pay off that amount of debt!
The Feds need to get their story straight. The Treasury department tells us that Federal Government debt passed 100% debt-to-GDP nearly 3 years ago.
http://www.savingsbonds.gov/govt/reports/pd/pd_debtposactrpt_0913.pdf
This CBO's statement above refers to "debt held by the public," and ignores debt owed within the government, such as money taken from the Social Security "lock-box" or from Medicare payments. It probably does not also count explicit government guarantees either.
Paul Ryan was quoted as saying, "My 10 year plan balances the budget by 2040."
Warnings, evidently that are falling on deaf ears. The towering and cancerously growing debt problem has been building for years, and while there is still a number of strategies to reduce or avert the effects of this outsized and completely imprudent course, none are being seriously considered at the moment.
Austerity, REAL austerity, is the means by which every nation that survived has managed to bring debt under control. The other major option is dissolution of the very structure of the nation altogether, defaulting on all debts.
By AD 400, nobody was seriously concerned with Rome’s total debt picture. By then, there were effectively two separate empires, the Eastern Empire and the Western Empire, though there was a fiction that it was still “one Empire”.
The Western portion, with Rome as its capital, was effectively incapacitated by AD 285, after the various Gothic tribes had sacked the city several times, and effectively foreclosed the mortgage they held on the former Empire. There were several attempts to recreate the Empire, but they were without wide popular support, and each soon failed.
That’s Racist!
0bama is President.
This is why the Federal Reserve interest rates are so low. If interest rates rise the service on the debt will bury us.
The Federal Reserve will just continue to print more money to buy our bonds.
All is well..... (until it isn’t...)
The government sector doesn't really understand that they don't produce wealth. They look around see the nice houses and cars, and say “We CAN'T stop spending, look at all the WEALTH we have created!”
When you bring up it was all from other people's money, you get a blank stare.
That is why I no longer believe that spending can be controlled. It will take a crash or invasion (see the late Roman Empire) to change it. The powers that be literally can't see the problem.
People keep declaring the death of the tea party, not understanding what fuels it.