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View Full Version : Hear Ye Hear Ye..... Step up to the plate.....US Debt and Deficit!



MMC
01-10-2012, 01:51 PM
Did you know that if you added up all forms of debt in the United States and divided it up equally that every single family in the country would owe more than $683,000?

Yes, everything may seem fine for the moment, but what do you think would happen if the federal government suddenly adopted a balanced budget?

1.3 trillion dollars a year would be sucked right out of the economy and we would be looking at an “economic readjustment” that would be mind blowing.

During fiscal year 2011, the U.S. government spent 3.7 trillion dollars (http://www.gao.gov/financial/fy2011/11guide.pdf) but it only brought in 2.4 trillion dollars (http://www.gao.gov/financial/fy2011/11guide.pdf).

During 2011, U.S. debt surpassed 100 percent of GDP (http://www.foxnews.com/politics/2011/08/04/us-debt-reaches-100-percent-countrys-gdp/) for the first time ever.

The U.S. government spent over 454 billion dollars (http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm) just on interest on the national debt during fiscal 2011.

The U.S. government has total assets of 2.7 trillion dollars (http://www.gao.gov/financial/fy2011/11guide.pdf) and has total liabilities of 17.5 trillion dollars (http://www.gao.gov/financial/fy2011/11guide.pdf). The liabilities do not even count 4.7 trillion dollars (http://www.gao.gov/financial/fy2011/11guide.pdf) of intragovernmental debt that is currently outstanding.

Anyone disagree with these numbers? Any from the left wanna give Paul Krugman a call and tell him to stop in here at the Rant. Any other lefty Economists want to step up to the plate and talk facts? :evil5:

jgreer
01-10-2012, 02:04 PM
I don't think you wrote that yourself

MMC
01-10-2012, 02:49 PM
I don't think you wrote that yourself


Would you like all the links to validate the numbers. I figured the lefties would want to use their own. You can use any, choose any to try and debunk what I got to put up here. It is a discussion on the debt and deficit JG. You are more than welcome to use any that you like. From the Fed to listings by State. Don't matter to me. If ya happen to know Paul Krugman or any of his cronies.....you can let them know, to drop on by. I wouldn't want them to say I didnt exclude anything!

Like I said.....step up to the plate. Goes for the So called Conservatives as well!

During the Obama administration, the U.S. government has accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office (http://www.cnsnews.com/news/article/obama-has-now-increased-debt-more-all-presidents-george-washington-through-george-hw).

It is being projected that the U.S. national debt will surpass 23 trillion dollars (http://www.usdebtclock.org/) in 2015.

According to the GAO, the U.S. government is facing 34 trillion dollars (http://www.gao.gov/financial/fy2011/11guide.pdf) in unfunded liabilities for social insurance programs such as Social Security and Medicare. These are obligations that we have already committed ourselves to but that we do not have any money for.

MMC
01-10-2012, 03:31 PM
According to the GAO, the ratio of debt held by the public to GDP is projected to reach 287 percent (http://www.gao.gov/financial/fy2011/11guide.pdf) of GDP by 2086.

Others are much less optimistic. A recently revised IMF policy paper entitled “An Analysis of U.S. Fiscal and Generational Imbalances: Who Will Pay and How? (http://www.scribd.com/doc/52245782/IMF-Working-Paper-US)” projects that U.S. government debt will rise to about 400 percent of GDP by the year 2050.

Others estimate that the unfunded liabilities of the U.S. government now total over 117 trillion dollars (http://www.usdebtclock.org/).

If you divide up the national debt equally among all U.S. taxpayers, each taxpayer would owe approximately $134,685 (http://www.usdebtclock.org/).

Mandatory federal spending surpassed total federal revenue for the first time ever in fiscal 2011. That was not supposed to happen until 50 years from now (http://www.weeklystandard.com/blogs/mandatory-spending-exceed-all-federal-revenues-fiscal-year-2011_554659.html).

Between 2007 and 2010, U.S. GDP grew by only 4.26%, but the U.S. national debt soared by 61% (http://www.thestreet.com/story/11142443/10-myths-that-politicians-want-you-to-believe.html) during that same time period.

During Barack Obama’s first two years in office, the U.S. government added more to the U.S. national debt than the first 100 U.S. Congresses combined (http://www.cnsnews.com/news/article/111th-congress-added-more-debt-first-100).

When you add up all spending by the federal government, state governments and local governments, it comes to 46.6% (http://www.usdebtclock.org/) of GDP.

All stats that the MSmedia has put out there but no one is talking about.....its Campaign time! You keep what you kill!

wingrider
01-10-2012, 03:37 PM
yeppers MMC I have seen those very same stats, I tell ya bro Costa Rica looks better and better everyday.

Pendragon
01-10-2012, 03:41 PM
yeppers MMC I have seen those very same stats, I tell ya bro Costa Rica looks better and better everyday.

Think about this for a moment:

Life is better in Costa Rica than the United States. O, how the mighty have fallen! Visible for all to see but the most proud and jingoistic amongst thee.

wingrider
01-10-2012, 03:49 PM
Think about this for a moment:

Life is better in Costa Rica than the United States. O, how the mighty have fallen! Visible for all to see but the most proud and jingoistic amongst thee.


actually as far as personal freedoms go it is much better, at least they don't have the Patriot act and Homeland security, and a bunch of bleeding heart liberals telling you how to live your life

MMC
01-10-2012, 05:51 PM
Our nation is more addicted to government checks than ever before. In 1980, government transfer payments accounted for just 11.7% (http://www.businessinsider.com/america-middle-class-in-decline-2011-4#-9) of all income. Today, government transfer payments account for 18.4% of all income.

A staggering 48.5% (http://blogs.wsj.com/economics/2011/10/05/nearly-half-of-households-receive-some-government-benefit/) of all Americans live in a household that receives some form of government benefits. Back in 1983, that number was below 30 percent.

Back in 1965, only one out of every 50 Americans was on Medicaid. Today, one out of every 6 (http://www.businessinsider.com/mary-meeker-usa-inc-february-24-2011-2) Americans is on Medicaid.

In 1950, each retiree’s Social Security benefit was paid for by 16 (http://theeconomiccollapseblog.com/archives/21-signs-that-the-new-reality-for-many-baby-boomers-will-be-to-work-as-wage-slaves-until-they-drop-dead) U.S. workers. According to new data from the U.S. Bureau of Labor Statistics, there are now only 1.75 full-time private sector workers (http://www.cnsnews.com/news/article/labor-dept-data-only-175-full-time-private-sector-workers-social-security-recipient) for each person that is receiving Social Security benefits in the United States.

The U.S. government now says that the Medicare trust fund will run out five years faster (http://content.usatoday.com/communities/theoval/post/2011/05/medicare-social-security-obama-geithner-republicans/1) than they were projecting just last year.

Right now, spending by the federal government accounts for about 24 percent (http://www.zerohedge.com/news/10-essential-fiscal-charts-demonstrating-americas-disastrous-condition) of GDP. Back in 2001, it accounted for just 18 percent.

If the U.S. government was forced to use GAAP accounting principles (like all publicly-traded corporations must), the U.S. government budget deficit would be somewhere in the neighborhood of $4 trillion to $5 trillion (http://www.marketoracle.co.uk/Article21676.html) each and every year.

If Bill Gates gave every penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for 15 days (http://www.dailymail.co.uk/news/article-1390090/One-giant-debt-mankind-U-S-national-deficit-reach-moon-piled-high-5-bills.html).

If you add up all forms of debt in the United States (government, business and consumer), it comes to more than 56 trillion dollars (http://www.usdebtclock.org/). That is more than $683,000 (http://www.usdebtclock.org/) per family. Unfortunately, the average amount of savings per family in the U.S. is only about $4,735 (http://www.usdebtclock.org/).


Now the clincher is.....Obama says we need to raise the debt ceiling by another 1.2 trillion dollars. He actually believes spending more will take us out of harms way. Just because he believes it.....doesnt make him RIGHT!!!!!

http://theeconomiccollapseblog.com/wp-content/uploads/2012/01/Shocking-Charts-And-Statistics-That-Prove-That-America-Is-No-Longer-A-Wealthy-Nation.jpg

:angry:

MMC
01-10-2012, 07:30 PM
Ah.....I see JG and Pen ran off again. Doesn't matter tho.....whichever source they want to cite is not going to change the numbers.

Plus they got Obama's own words about raising the debt ceiling. Obama will increase the debt 3.8trillion this year. Topping each and every year he has been in office.

The EU is going into recession if not truly a depression. So with the way things are there should be no more sending of a stimulus package to the IMF or ECB. The point is to insulate ourself economically from their downfall. Not assist in saving their economies all due to trade. Either way and whatever happens they would still have to restart as a country and they would still have to trade. Who cares if they have to all go back using their own currencies and having to use exchanges. No more credit! Actually have to pay real money for shit.

We don't always have to be the one to send the largest amount of disaster aid to any country that gets devastated by Mother Nature! Time to priortize with one concept. US first!!!!!

MMC
01-12-2012, 09:02 AM
http://thepoliticalforums.com/threads/1546-Americans-Don-t-Know-Anything-About-Debt

Americans Don't Know Anything About Debt.
Seems Pen and Paul Krugman.....didn't really want to get into those numbers now, did they? :rollseyes: