[cowboy1964]

The numbers are mind numbing.

The Treasury will record a deficit of $292 billion for the first two months of fiscal year 2013, CBO estimates - $57 billion more than the shortfall recorded in the same period last year. Revenues rose by $30 billion (or 10 percent), but outlays increased by $87 billion (or 16 percent)

In other words, spending is just increasing increasing increasing.

How much is $292 billion? It's $608 per month for every person in this country over 18. That's just the INCREASE in the debt. Just add it to the $68,000 every person over 18 already owes.

[rj1939]

You will likely get more of the same from our own debt junkie Benji tomorrow.

[rj1939]

I'm just watching the stupidity unfold...........and wondering how long they can kick the can.

[series1811]

It's okay. Obama is just going to tax the rich to fix this.

Hey, his plan will raise 700 billion (over the next ten years). That's enough, right?

http://super-economy.blogspot.com/20...an-to-tax.html

[TheExplorer]

And there's so much more to go!

[pugman]

Originally Posted by series1811

It's okay. Obama is just going to tax the rich to fix this.

Hey, his plan will raise 700 billion (over the next ten years). That's enough, right?

http://super-economy.blogspot.com/20...an-to-tax.html

If the federal government seized every penny the 400 billionaires in this country have....every house, car, piece of art, stock, bond, bank account, etc. and sold it they would net around $1.4 trillion dollars; this wouldn't cover the deficit spending from 2010

Amongst the many problems of the federal government is they don't have the ability to plan or spend according to any sort of budget. Look at 2010

2.381 Trillion Budgeted vs. 2.165 Trillion received

3.552 Trillion Budgeted vs. 3.721 Trillion Spent

In other words, they took in less then they planned on and spent more they expected.

My company just released a report which quoted the federal government's concern "The federal government projects that national health spending will rise from $2.8 trillion to $4.8 trillion over the coming decade, accounting for nearly 20 percent of the U.S. economy"

Medicare's budget is expected to hit nearly $1 trillion dollars by 2020 in hopes of keeping all the baby boomers alive; its supposed to be insolvent by 2023-2025 depending on whose numbers you want to believe. In order to maintain its levels of service to those on Medicare - taxpayers will need to pay in an additional $7500's each. My wife and I don't have a spare $15K laying around.

What will be interesting is what will be the lynch pin which breaks. What will be more interesting is who shoots first...the Fed or the American people.

One of the main causes of the French Revolution was the bankruptcy of the monarchy. A second was the high taxes put to the poor to maintain the lifestyles of the wealthy...of course here its simply the opposite.

[CitizenOfDreams]

It would be scary if that debt was ever meant to be paid off. In reality, "292 billion" is just a meaningless abstract number.

[aircarver]

Originally Posted by series1811

It's okay. Obama is just going to tax the rich to fix this.

Hey, his plan will raise 700 billion (over the next ten years). That's enough, right?

So y'think he's going to "unexpectedly" run short ? ...

.

[pugman]

Originally Posted by CitizenOfDreams

It would be scary if that debt was ever meant to be paid off. In reality, "292 billion" is just a meaningless abstract number.

Which is the reason why when you hear about how the federal government has paid rent on a space they haven't occupied in fifteen years to the tune of $16 million dollars its meaningless. I would bet anything this is just more corruption where some Senator or Congressman's buddy owns the property.

The federal government could just as well say 292 gazillion and it means as much.

[Ruble Noon]

"The actual liabilities of the federal government—including Social Security, Medicare, and federal employees' future retirement benefits—already exceed $86.8 trillion, or 550% of GDP. For the year ending Dec. 31, 2011, the annual accrued expense of Medicare and Social Security was $7 trillion"

Out of a population of 315 million, presently only 115 million Americans have full time, non-government funded jobs.

What could go wrong?

http://www.zerohedge.com/news/2012-1...itution-crisis

[JBnTX]

There's only one solution to debt debt debt debt debt debt debt,
and that's tax tax tax tax tax tax tax.

...and not just the rich, but everybody and everything.

[Ruble Noon]

Originally Posted by JBnTX

There's only one solution to debt debt debt debt debt debt debt,
and that's tax tax tax tax tax tax tax.

...and not just the rich, but everybody and everything.

[aircarver]

Successive generations are gonna be picking our nursing homes ....

(A cardboard box is gonna be lookin' good ...

.

[Atlas]

... because we looked the other way while the government ignored the inconvenience of Article 1, Section 10 of the constitution.
Over time the result was inevitable.

Those smart guys who assembled the constitution discussed all of this for two years or so before instituting the best solution possible.
They understood the dangers of uncontrolled government spending.

[JBnTX]

Originally Posted by Ruble Noon

Do you think that's not true?

Obama is getting ready to bury this country in massive tax increases on everybody and everything.

Does "" mean you don't believe it, or does it mean you favor those tax increases?

[Ruble Noon]

Originally Posted by JBnTX

Do you think that's not true?

Obama is getting ready to bury this country in massive tax increases on everybody and everything.

Does "" mean you don't believe it, or does it mean you favor those tax increases?

This is because there is no need to worry about paying the debt our politicians have racked up. Our debt won't be paid because it cannot be paid. Besides, the majority of the debt that we are now accruing is debt owed to ourselves, debt that we can default on.

[JBnTX]

Originally Posted by Ruble Noon

This is because there is no need to worry about paying the debt our politicians have racked up. Our debt won't be paid because it cannot be paid. Besides, the majority of the debt that we are now accruing is debt owed to ourselves, debt that we can default on.

Obama won't let that stop him, from raising taxes.

[engineer151515]

What this President has done will be judged by future enslaved generations as immoral.

There is only one possible outcome when we make slaves of our grandchildren.

Rebellion.

I predict default. Future generations will refuse to pay.

[certifiedfunds]

Originally Posted by JBnTX

There's only one solution to debt debt debt debt debt debt debt,
and that's tax tax tax tax tax tax tax.

...and not just the rich, but everybody and everything.

Wrong.

[Skyhook]

Laid a bit of self-imposed 'shock-n-awe' on one of my liberal/progressive associates today.

Asked her what the projected debt is to be.. $16 Trillion, says she with out a flutter of the eyelid.

And, what is the present population of the USA, I asked? About 315 Million, says she.

Ok, I said, now divide that $16 Trillion by 315 Million.. what you will get is the amount of the debt each and every American owes.

Out came the wee electronic device... OPEN went the eyes ... discussion closed.

[certifiedfunds]

Originally Posted by Skyhook

Laid a bit of self-imposed 'shock-n-awe' on one of my liberal/progressive associates today.

Asked her what the projected debt is to be.. $16 Trillion, says she with out a flutter of the eyelid.

And, what is the present population of the USA, I asked? About 315 Million, says she.

Ok, I said, now divide that $16 Trillion by 315 Million.. what you will get is the amount of the debt each and every American owes.

Out came the wee electronic device... OPEN went the eyes ... discussion closed.

Except every American doesn't owe it. Only a small % of us owe it.

Otherwise I'd like to settle up now please.

[Skyhook]

Originally Posted by certifiedfunds

Except every American doesn't owe it. Only a small % of us owe it.

Otherwise I'd like to settle up now please.

Good point... I wish now I had pointed out to her that roughly 50% of Americans do not actually pay much if any tax.

[aircarver]

Originally Posted by Skyhook

Good point... I wish now I had pointed out to her that roughly 50% of Americans do not actually pay much if any tax.

That's exactly why they view it as our problem ...

.

[juggy4711]

Originally Posted by JBnTX

There's only one solution to debt debt debt debt debt debt debt,
and that's tax tax tax tax tax tax tax.

...and not just the rich, but everybody and everything.

[pugman]

""The actual liabilities of the federal government—including Social Security, Medicare, and federal employees' future retirement benefits—already exceed $86.8 trillion, or 550% of GDP. For the year ending Dec. 31, 2011, the annual accrued expense of Medicare and Social Security was $7 trillion"

Depending on who you want to believe...other sources have numbers much worse than yours.

Debt Clock puts unfunded liabilities north of $121 trillion

http://www.usdebtclock.org/

Laurence Kotlikoff, a former Reagan advisor, put the number around $211 Trillion.

http://www.npr.org/2011/08/06/139027...y-211-trillion

The federal government's net worth at the end of 2011 was a negative $70 trillion..or about $220K per citizen or $660K per tax paying citizen...you and your wife have a spare 1.2 million hanging around.

The numbers at this point are meaningless since default seems to be the only solution at this point. Some feel we could print/inflate our way out of it....but I think default will more likely happen or people will just no longer accept dollars for payment having the dollar crash.