Unsustainable Debt

[GenSeneca]

Here are our debt projections for the next ten years:

If history is any guide, actual debt will be higher.

Here is a historical table to put that debt into perspective:

That 12 trillion is what we've spent. Unfunded debt obligations are not shown in the federal budget, if they were, we would show ourselves somewhere around 70 trillion in debt. Politicians keep the unfunded obligations on a different set of books that the public has to go out of their way to find because our government doesn't want us to know how deep the rabbit hole goes.

The typical plan for reducing the debt they show us, in this case the 12 trillion, is done through inflating our money by simply printing more.

This next one shows how we are just printing money:

We are quickly approaching 4 trillion dollars in money printed out of thin air. The graphs cannot keep up with the printing presses...

For example, if we owe 12 trillion and print twice as much money (double the money supply), the 12 trillion magically appears to shrinks to just 6 trillion - but we intentionally devalued our currency in the process and your dollar is worth just fifty cents of what it was before we turned on the printing presses. Aside from the devastating effects of such inflation, another side effect of such a monetary policy is that our unfunded liabilities would double to 120 trillion.

We have not doubled our currency through printing, we have nearly quadrupled it and we are still printing money. CBO projections show that by 2019, our unfunded liabilities will begin to be measured in QUADRILLIONS of dollars.

That is the future you are leaving your children.

And this is a graph that shows the attention span of Americans:

Anyone notice any trends in those graphs?

 

[pocketfullofshells]

take Bush from where he started, and then ended in 8 years, then look at where Bush ended it at, to 8 years by white house est , and the plus - for change is actuly in favor or Obama after 8 years...Bush got to go in with a good econ...Obama get left with a econ no president has had to deal with anything like in many many years...

 

[Pandora]

Good post Gen, important topic.

I think we have spent more than we can ever pay back even if we tax the dead. I give up on hoping we can recover from this nightmare.

 

[Ronaldus Magnus]

take Bush from where he started, and then ended in 8 years, then look at where Bush ended it at, to 8 years by white house est , and the plus - for change is actuly in favor or Obama after 8 years...Bush got to go in with a good econ...Obama get left with a econ no president has had to deal with anything like in many many years...

Stop with the under lying comparisons to the "Great Depression." I have Grandparents that were alive during the Depression, and they scoff at the idea that this is even close. Is it inconvenient for some? Yes.........But it is not hardly the Great Depression!

 

[AgainstTheMachine]

Stop with the under lying comparisons to the "Great Depression." I have Grandparents that were alive during the Depression, and they scoff at the idea that this is even close. Is it inconvenient for some? Yes.........But it is not hardly the Great Depression!

I agree! Sure! It is a little tighter on the budget but I am still gaining weight and going out to eat!

 

[pocketfullofshells]

Stop with the under lying comparisons to the "Great Depression." I have Grandparents that were alive during the Depression, and they scoff at the idea that this is even close. Is it inconvenient for some? Yes.........But it is not hardly the Great Depression!

be smarter then, becuse I did not say it was as bad as that. i said worst econ in a long time. now try again.

 

[Ronaldus Magnus]

actually you said a President hasn't had to deal with an economy like this in many years......now explain to me how many years is many years? Because you would be the first lib I've heard of in a while that isn't comparing it to the great depression. I know ever time I watch the news media they are certainly making the comparison, as well as other libs on this forum! Forgive me if I figured you shared the same intellect with them on this as you do on every other issue. I would like that clarification on many years, and why did you miss quote yourself in your defense?

 

[Dr.Who]

Good post Gen, important topic.

I think we have spent more than we can ever pay back even if we tax the dead. I give up on hoping we can recover from this nightmare.

It is an extremely important topic.

We need to stop printing money urgently. Of course that would mean we would need to reduce government spending or tax more people or both.

And no senator wants to decrease his control of the budget by making the budget smaller. Except RP.

 

[Pidgey]

Which spending did you want to cut?

 

[Little-Acorn]

And this is a graph that shows the attention span of Americans:

If this is true, then how can anybody keep reading your post long enough to see this graph?

 

[BigRob]

If this is true, then how can anybody keep reading your post long enough to see this graph?

Given the low number of responses to his thread, he might just be correct, sadly.

 

[Dr.Who]

Which spending did you want to cut?

1% of social security starting next year and with a new 1% cut each year until it is gone. I would prefer to eliminate it sooner but when you promise someone something and then you force them to pay into it your are obligated to pay them. Also give each state that takes over responsibility for social security a lump sum.

1 % of medicare for all people who have not aged into it yet and then a 1% cut each year for a hundred years until it is gone. ibid.

Unemployment, welfare, etc. turn it over to the states tomorrow and cut it 100%.

Interest on the national debt. Sell it to American citizens first and then raise a flat tax on all of us equally to pay it off withing ten years. Then make it illegal for congress to incur debt.

Dept. of Defense. do a line item search like P. Obama said should be done.

Global war on terror. Turn it over to the Dept of Defense and cut it 100%.

Health and human services. Charge each state that wants a federal program a share of the cost and get rid of it if no state wants a federal program.

Dept of Education. turn it over to the states and cut the cost 100%.

Dept of Veterans affairs. A promise should be kept. Put a check box on the tax forms for people to donate and cut the taxes by whatever people donate. Everyone who does donate gets a 100% tax deduction dollar for dollar and not just on their marginal tax rate.

Dept of housing and Urban Developement. Cut it 100% tomorrow. If a state wants it they can make their own program.

State and other International Programs. don't know what that is so I can't say.

Homeland security. Line item search for things to cut.

Energy. At least 90% maybe 100%.

Dept of Ag. let each state that wants a federal program contribute.

Dept of justice. Probably raise it but also run it smart for a change.

NASA. cut it 100%. If people want it they can make a donation.

Treasury. Line item search.

Dept of Transportation. Line item search.

Dept of interior. Line item search.

Dept of labor. Turn over responsibilities that should be handled by the states to the states then cut it by the appropriate amount.

SS admin. Phase it out. Why is it even a separate category from SS. Is that to hide how much they waste?

EPA. Make them work smart and cut what can be cut. Turn over what can be to the states.

NSF. 100%.

Judicial Branch. Give em a dollar for each congressmen they prosecute. Seriously just do a line item search.

Legislative branch. Each congressmen should be paid by his own state.

Corps of engineers. Line item search, cutting who knows, maybe 100%.

President. Line item search by a committee in the house.

SBA. Line item search probably cut most of it.

Other agencies. lots.

Off budget discretionary spending would be illegal.


Beyond that within each section there is tons of waste and corruption. We see every day how a million is thrown here or there. Every section gets a line item search to see what can be cut. Every dept gets it's budget printed up in an easy to read format which is posted on the internet for us all to see and vote on cuts. And I bet every dept has tons of its budget that should be handled by the states. Turn that back over to the states and cut the whole budget by say 30%.

 

[Pandora]

1% of social security starting next year and with a new 1% cut each year until it is gone. I would prefer to eliminate it sooner but when you promise someone something and then you force them to pay into it your are obligated to pay them. Also give each state that takes over responsibility for social security a lump sum.

1 % of medicare for all people who have not aged into it yet and then a 1% cut each year for a hundred years until it is gone. ibid.

Unemployment, welfare, etc. turn it over to the states tomorrow and cut it 100%.

Interest on the national debt. Sell it to American citizens first and then raise a flat tax on all of us equally to pay it off withing ten years. Then make it illegal for congress to incur debt.

Dept. of Defense. do a line item search like P. Obama said should be done.

Global war on terror. Turn it over to the Dept of Defense and cut it 100%.

Health and human services. Charge each state that wants a federal program a share of the cost and get rid of it if no state wants a federal program.

Dept of Education. turn it over to the states and cut the cost 100%.

Dept of Veterans affairs. A promise should be kept. Put a check box on the tax forms for people to donate and cut the taxes by whatever people donate. Everyone who does donate gets a 100% tax deduction dollar for dollar and not just on their marginal tax rate.

Dept of housing and Urban Developement. Cut it 100% tomorrow. If a state wants it they can make their own program.

State and other International Programs. don't know what that is so I can't say.

Homeland security. Line item search for things to cut.

Energy. At least 90% maybe 100%.

Dept of Ag. let each state that wants a federal program contribute.

Dept of justice. Probably raise it but also run it smart for a change.

NASA. cut it 100%. If people want it they can make a donation.

Treasury. Line item search.

Dept of Transportation. Line item search.

Dept of interior. Line item search.

Dept of labor. Turn over responsibilities that should be handled by the states to the states then cut it by the appropriate amount.

SS admin. Phase it out. Why is it even a separate category from SS. Is that to hide how much they waste?

EPA. Make them work smart and cut what can be cut. Turn over what can be to the states.

NSF. 100%.

Judicial Branch. Give em a dollar for each congressmen they prosecute. Seriously just do a line item search.

Legislative branch. Each congressmen should be paid by his own state.

Corps of engineers. Line item search, cutting who knows, maybe 100%.

President. Line item search by a committee in the house.

SBA. Line item search probably cut most of it.

Other agencies. lots.

Off budget discretionary spending would be illegal.


Beyond that within each section there is tons of waste and corruption. We see every day how a million is thrown here or there. Every section gets a line item search to see what can be cut. Every dept gets it's budget printed up in an easy to read format which is posted on the internet for us all to see and vote on cuts. And I bet every dept has tons of its budget that should be handled by the states. Turn that back over to the states and cut the whole budget by say 30%.

I like your plan except for NASA. It’s very hypocritical of me in a way to say we as a nation should fund it but also without NASA we would not have satellites exc. so we all need it and it can be used in part for defense.

The only problem I see with your list is this; the feds won’t take less from us. If we did cut those programs they would need less but not really charge us much less and states would be obligated to do more and would really take us for a ride. We might be lucky to keep a dime out of every dollar. Government can not be trusted.

 

[Pidgey]

Social Security in 2007 totalled $599.5 bn. 1% of that would be $6 bn. About $4 bn for your Medicare cut. Most of the rest just tranfers cost to the states. You need to cut out about a trillion.

 

[Pandora]

Well we need to scale back congress too. They make too much money, they don’t need their own cafe's and we could go on and on about their special perks. All of it should go.

The president doesn’t need the extravagant lifestyle he has (nor did the one before him or the one after this president)