And the Dems haven’t even passed their budget yet.
Remember this: half of every dollar spent in this country goes to an entitlement, be it Socialist Security, Medicare, Medicaid, welfare or unemployment. That’s $1.5 TRILLION right there, more than double what we spend on defense. Stop those payments and we’re out of debt in 7 years with change to spare.
Are we better off for any of it?? Nope.
I believe we are borrowing to meet the minimum monthly payment.
Since the gov’t owes ME, i’ll take mine in tens and twenties.
This kind of like complaining about a $100,000 mortgage when you have an income of $90,000 and your house is worth $300,000.
B4 people go off half cocked about our Debt and who owns it think about the value of the infrastructure the United States of America has. It is worth trillions.
As to who owns our debt; don’t you find it interesting that, just as an example, China would rather purchase US Treasury notes than take their money and invest in their own people! They would rather buy 10 billion in US Treasury notes than build roads, bridges, education, etc in their own country!
Social Security and Medicare are part of the $9 trillion national debt. For example, the $2 trillion plus SS Trust Fund is part of the national debt under “Intragovernmental holdings.” The entitlement programs represent an unfunded liability of over $60 trillion.
You’re right. It’s not going to be pretty. This is one hell of a mess to dump on future generations.
“What’s that mean to you?”
It doesn’t mean anything to me.
1) This report is from CNN. Do I need say more?
2) When has the debt not been too big?
3) When the debt is not increasing too fast, that’s news. Increasing too fast, dog bites man.
4) Raw numbers don’t mean anything. Compare it to GDP. Tell me how that compares to other times in history, other times when we are at war.
LLS
Split the government budget into true funds- disclose the numbers to the public using Generally Accepted Government accounting principals (like all the states):
Ban federal funds from buying treasuries. Limit the amount of private investment. Investment board nonpolitical.
The general fund needs to be balanced;
* Stop paying interest payments on treasuries held by federal funds, this would eliminate the general deficit by approximately 40%;
* Federal government out of the secondary education and welfare business- move to the states.
Privatize over time social security. SSA will forgive any bonds it holds after private system is solvent;
Stop paying interest payments on treasuries held by federal funds;
Use true "manciple" bond systems for other federal funds like transportation, airports, etc.
Both of our political parties have sided with the enemy (us) on this one. Our banking system trembles over a mere 400-500 Billion in bad mortgage loans. What a joke. A mere bag of shells.
In addition to what is mentioned below, we currently have about $50 Trillion (1 trillion= 1,000 billions) in unfunded, mandates off the books. As Everitt Dirksen used to say, a billion here, a billion there, soon you talking about real money. If you are actually paying taxes your individual DEBT is closer to $400K in the form of a sub-prime, interest only, balloon loan, with a reverse amortising principal amount.
State & Federal spends over $1.8 billion per day on welfare. Drop welfare and the problem is solved.
“It is increasingly clear by now that a severe U.S. recession is inevitable in next few months...I now see the risk of a severe and worsening liquidity and credit crunch leading to a generalized meltdown of the financial system of a severity and magnitude like we have never observed before. In this extreme scenario whose likelihood is increasing we could see a generalized run on some banks; and runs on a couple of weaker (non-bank) broker dealers that may go bankrupt with severe and systemic ripple effects on a mass of highly leveraged derivative instruments that will lead to a seizure of the derivatives markets... massive losses on money market funds with a run on both those sponsored by banks and those not sponsored by banks; ..ever growing defaults and losses ($500 billion plus) in subprime, near prime and prime mortgages with severe knock-on effect on the RMBS and CDOs market; massive losses in consumer credit (auto loans, credit cards); severe problems and losses in commercial real estate...; the drying up of liquidity and credit in a variety of asset backed securities putting the entire model of securitization at risk; runs on hedge funds and other financial institutions that do not have access to the Fed’s lender of last resort support; a sharp increase in corporate defaults and credit spreads; and a massive process of re-intermediation into the banking system of activities that were until now altogether securitized.” (Nouriel Roubini’s Global EconoMonitor)-—Roubini is a Professor at the Stern School of Business at New York University.
Let’s all declare national bankruptcy and start over.
There are a lot of companies out there who are willing to give new credit to reestablish our worth.