US Debt over $101 Trillion and climbing

Quote of the Day: "I, however, place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared." -- Thomas Jefferson (1743-1826), Source: letter to William Plumer, July 21, 1816

Subject: Oops! The real number may be $101 trillion, plus a bunch of other stuff
Somewhere in the blizzard of budget numbers and grand spending plans flooding out of Washington, we missed last spring's report from the Social Security Trustees. Their latest estimate of the unfunded liabilities for Social Security and Medicare is (hold onto your chair) . . .
$101 trillion

Add to that the $9.3 trillion in deficit spending over the next 10 years, as estimated by the Congressional Budget Office, plus the previous national debt of nearly $11 trillion.

But that may not be the end of it. It's unclear to us how much the various bailout programs will ultimately cost, and how many of these costs are included in the formal budget proposal. At least three issues complicate the calculation . . .

* Some of the bailout programs carry contingent liabilities that could cause their cost to explode if things go wrong
* New bailouts may be enacted (look for commercial real estate and state/local government pension bailouts)
* The Federal Reserve is also spending/creating lots of bailout money that isn't reflected in the formal budget

A Reuters story from December 11 calculated the total exposure for the various bailouts at $8 trillion.
But that number has swollen since then. A scholar at OMB Watch told me some things that needed to be added, and after looking up those programs, including the scam-stimulus bill, we believe that number is now over $10 trillion as a CONSERVATIVE ESTIMATE.
But this number is also likely to grow. As will the true costs for the Democrats' health care, cap and trade, "public service," and various other social engineering schemes. So here's the $101-trillion-plus question . . .

How long will the federal government be able to borrow money to pay its multi-trillion dollar bills? Would you want to continue buying Treasury bonds given that . . .
* U.S. debt obligations are exploding, with no end in sight, and . . .
* The Fed is creating massive amounts of new money that could devalue the Treasury bonds people already hold

At what point does government default become inevitable? Do you want the politicians to keep spending until we find out, or do you want them to step back from the precipice?
Please send another message opposing the budget.
Use your personal comments to mention last spring's report of the Social Security Trustees, and its estimate of $101 trillion in unfunded liabilities. Tell them to enact NO NEW SPENDING PROGRAMS, and FREEZE OLD PROGRAMS AT PREVIOUS LEVELS.
Ask your friends to join you and do the same.

Jim Babka
President
DownsizeDC.org, Inc.

Views: 36

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by truth on April 1, 2009 at 12:39pm
Man we are bumming. Generations will pay for our not stopping this.

"Destroying the New World Order"

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

TOP CONTENT THIS WEEK

Latest Activity

Amaterasu Solar replied to Amaterasu Solar's discussion You Can Have That Government – But You Can’t Have Me!
"Most humble thanks, James."
12 minutes ago
Amaterasu Solar replied to Amaterasu Solar's discussion Planetary Problem
"The only winning move is not to play the game.  We can't keep playing the game if We want…"
13 minutes ago
Mr. Sizzle replied to MAC's discussion Ukrainian Docs Claim Millions Funneled To Biden And Kerry Families
"Nothing will happen to our advantage. They put this useless dribble out to flaunt their control…"
1 hour ago
Mr. Sizzle favorited MAC's discussion Ukrainian Docs Claim Millions Funneled To Biden And Kerry Families
1 hour ago
Mr. Sizzle posted a photo
1 hour ago
Burbia's 2 discussions were featured
1 hour ago
Boris posted videos
1 hour ago
MAC commented on Burbia's blog post Here’s a List of 100 Members of Congress Supporting CAIR
"we should change the rules, to serve within government or legal system one should be 4th generation…"
1 hour ago
Mr. Sizzle favorited rlionhearted_3's photo
1 hour ago
MAC commented on Burbia's blog post Here’s a List of 100 Members of Congress Supporting CAIR
"I forget the numbers, but a whole shit load of our glorious leaders have duel citizenship Israel…"
1 hour ago
Mr. Sizzle commented on Chris of the family Masters's photo
Thumbnail

Attitude

"When I was in high school we sponsored a foreign exchange student from Spain. She was amazed and…"
2 hours ago
MAC commented on James Roberts's blog post Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
"good point James..."
2 hours ago
MAC posted a discussion

Ukrainian Docs Claim Millions Funneled To Biden And Kerry Families

Ukrainian Docs Claim Millions Funneled To Biden And Kerry Families…See More
2 hours ago
Mr. Sizzle favorited Chris of the family Masters's photo
2 hours ago
Mr. Sizzle favorited Diana's photo
2 hours ago
Mr. Sizzle favorited Raz Putin's photo
2 hours ago
Chris of the family Masters posted a blog post

Capitol Building To Be Decorated As Giant Circus Tent For Duration Of Impeachment Hearings

ovember 13th, 2019795.6kShares614.9k Share82.4k ShareShareWASHINGTON, D.C.—In honor of the…See More
2 hours ago
Raz Putin's photo was featured
2 hours ago
Boris posted a status
"John B. Wells - Caravan to Midnight just started https://youtube.com/watch?v=Akk3MM0dJbM"
2 hours ago
Raz Putin replied to Diana's discussion Feds Investigating Adam Schiff’s ‘Disturbing Behavior’ At Ed Buck’s Sex House Of Death!
"Schiff looks like a heavy drug user most of the time. It's those schifty eyes of his...;}"
2 hours ago

© 2019   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted