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

Doc Vega commented on stormtruther's video
Thumbnail

Greta Thunberg tells world leaders "You haven't seen the last of us" I think this job is going to her head!

"When people are so fucking stupid that they are rallying around a little insane drama queen we know…"
3 hours ago
Doc Vega favorited Chris of the family Masters's blog post American National Alert and Appeal
3 hours ago
James Roberts posted a blog post
4 hours ago
Mr. Sizzle posted a discussion
6 hours ago
Mr. Sizzle favorited Chris of the family Masters's blog post American National Alert and Appeal
7 hours ago
Mr. Sizzle posted photos
7 hours ago
Mr. Sizzle commented on Chris of the family Masters's blog post American National Alert and Appeal
"@Steve Yes,  it’s called the Samson option where Israel openly states that it has…"
8 hours ago
Mr. Sizzle commented on steve's blog post No cookies for colored santa and no this ain't no "ONION" article
"I feel sorry for the EMT that had to provide medical assistance to that thing.  He’s…"
9 hours ago
Mr. Sizzle favorited steve's blog post No cookies for colored santa and no this ain't no "ONION" article
9 hours ago
steve posted blog posts
9 hours ago
steve commented on Chris of the family Masters's blog post American National Alert and Appeal
"It has been rumored for quite a few years that the fkn j-ws have a nuke at the main sin-o gogue in…"
9 hours ago
Mr. Sizzle left a comment for stormtruther
9 hours ago
James Roberts posted a status
"Underage White girl charmed to the point of swooning by a negro, first thing, in Lovecraft's Color Out of Space no less. Ugh. Never ends."
9 hours ago
James Roberts commented on stormtruther's video
10 hours ago
James Roberts favorited stormtruther's video
10 hours ago
steve commented on the mighty bull's blog post Now how stupid is this?
"Hey Chris,                  I believe "signing…"
10 hours ago
stormtruther posted a video

Greta Thunberg tells world leaders "You haven't seen the last of us"

Greta Thunberg told world leaders on Friday that they "haven't seen the last" of climate activists , as she marched with hundreds of people in the western Sw...
12 hours ago
stormtruther updated their profile
12 hours ago
stormtruther posted a status
12 hours ago
stormtruther posted a status
12 hours ago

© 2020   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