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Thread: Boehner, Obama Remarks on Budget Deal

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    Boehner, Obama Remarks on Budget Deal

    Boehner, Obama Remarks on Budget Deal

    “Let me thank my friend the Majority Leader and Speaker Boehner for their outstanding work during this difficult negotiation. You know, Mr. President, we had an opportunity tonight to decide whether we wanted to repeat history, or make history. Had we chosen to repeat history, we would have allowed a government shutdown. Instead we decided to make history by implementing in the middle of this fiscal year as the Majority Leader has indicated substantial reductions in spending.

    Now, these reductions, Mr. President, are in the billions. Once we get through this process by the end of next week, we will move on to a much larger discussion about how we save trillions, by enacting hopefully on a bipartisan basis a budget that genuinely begins to get on top of this problem. And the problem as we all know is $14 trillion in debt, and over $53 trillion in unfunded liabilities. The President has asked us to raise the debt ceiling. And Senate Republicans and House Republicans and I hope many Democrats as well are going to say, Mr. President, in order to raise the debt ceiling, we need to do something significant about the debt. My definition of significant is that the markets view it as significant, the American people view it as significant and foreign countries view it as significant.

    So for tonight, again, I congratulate the Majority Leader and the Speaker. This is an important first step, but just the beginning of what we need to do to get our house, our fiscal house, in order.
    Hells yeah, people. We got the big fight coming up: trillions in reductions for raising the debt ceiling.

    And the problem as we all know is $14 trillion in debt, and over $53 trillion in unfunded liabilities.

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    Re: Boehner, Obama Remarks on Budget Deal

    Unfunded liability is essentially a meaningless term, since it indicates there's a "funded liability" that is somehow superior.

    The debt ceiling is far more serious than even the partial shutdown we just avoided. The GOP is going to do about the same as they did this time: make a bunch of noise to please the base and then raise the debt ceiling because they have to.
    Last edited by Deuce; 04-09-11 at 06:38 PM.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Boehner, Obama Remarks on Budget Deal

    Quote Originally Posted by Deuce View Post
    Unfunded liability is essentially a meaningless term, since it indicates there's a "funded liability" that is somehow superior.
    There IS a funded liability. It represents debt that already has revenue allocated to pay it.

    There is $53 TRILLION in unfunded liabilities - projected debt that does not have revenue allocated to pay for it.

    The true debt of the nation is the unfunded liability of $53 TRILLION.

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    Re: Boehner, Obama Remarks on Budget Deal

    Quote Originally Posted by reefedjib View Post
    There IS a funded liability. It represents debt that already has revenue allocated to pay it.

    There is $53 TRILLION in unfunded liabilities - projected debt that does not have revenue allocated to pay for it.

    The true debt of the nation is the unfunded liability of $53 TRILLION.
    Those funded and unfunded liabilities you mentioned are both backed by the same thing, though. The US treasury. Nothing is "allocated" until it's actually paid. Because whose to say the "allocated" funds will actually exist when the time comes?
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Boehner, Obama Remarks on Budget Deal

    What people dont realize is that to tackle the budget problem we need both spending cuts and higher taxes. Yes, we will be paying more taxes for less services. But that is better than either (a) cutting most important services, or (b) raising taxes to ridiculous levels.

    What needs to be done is, not a fight over the budget, but a real discussion about, as a country, what is most important to spend on. What money has been well spent and what money hasnt. Stop spending money that isnt working.

    Borrowing money is not a bad thing, if the money spent helps the economy grow. Then its Investing. Public safety, National Security, Education, healthcare (if done wisely, with a focus on prevention) are investments. The war in Iraq, is not. Foreign aid to countries that dont need it is not. I really want to make a thread on this, but Ill do it tomorrow when I have time.

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    Re: Boehner, Obama Remarks on Budget Deal

    Quote Originally Posted by Deuce View Post
    Those funded and unfunded liabilities you mentioned are both backed by the same thing, though. The US treasury. Nothing is "allocated" until it's actually paid. Because whose to say the "allocated" funds will actually exist when the time comes?
    That is a separate issue. Funded liabilities means that the allocation of revenue to pay for it equates to the amount to pay the liability is budgeted. If it is budgeted and requires borrowing through an increased deficit, it still gets paid.

    Unfunded liabilities are not budgeted. So from the get go they represent borrowing above and beyond the budget.

    The true debt of the US is $53 TRILLION dollars.

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    Re: Boehner, Obama Remarks on Budget Deal

    Quote Originally Posted by reefedjib View Post
    That is a separate issue. Funded liabilities means that the allocation of revenue to pay for it equates to the amount to pay the liability is budgeted. If it is budgeted and requires borrowing through an increased deficit, it still gets paid.

    Unfunded liabilities are not budgeted. So from the get go they represent borrowing above and beyond the budget.

    The true debt of the US is $53 TRILLION dollars.
    Do you have some objective independent verifiable evidence to support this number?
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

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    Re: Boehner, Obama Remarks on Budget Deal

    Quote Originally Posted by haymarket View Post
    Do you have some objective independent verifiable evidence to support this number?
    Ooops, sorry, it looks like the unfunded liability is actually $107 TRILLION in 2009.

    Social Security and Medicare Projections: 2009

    The 2009 Social Security and Medicare Trustees Reports show the combined unfunded liability of these two programs has reached nearly $107 trillion in today's dollars! That is about seven times the size of the U.S. economy and 10 times the size of the outstanding national debt.

    The unfunded liability is the difference between the benefits that have been promised to current and future retirees and what will be collected in dedicated taxes and Medicare premiums. Last year alone, this debt rose by $5 trillion. If no other reform is enacted, this funding gap can only be closed in future years by substantial tax increases, large benefit cuts or both.

    ...

    Future Payroll Tax Burdens. Currently, a 12.4 percent payroll tax on wages funds Social Se*curity and a 2.9 percent payroll tax funds Medicare Part A (Hospital Insurance). But if payroll tax rates rise to meet unfunded obligations:

    • When today's college students reach retirement (about 2054), Social Security alone will require a 16.6 percent payroll tax, one-third greater than today's rate.
    • When Medicare Part A is included, the payroll tax burden will rise to 25.7 percent - more than one of every four dollars workers will earn that year.
    • If Medicare Part B (physician services) and Part D are included, the total Social Security/Medicare burden will climb to 37 percent of payroll by 2054 - one in three dollars of taxable payroll, and twice the size of today's payroll tax burden!


    Thus, more than one-third of the wages workers earn in 2054 will need to be committed to pay benefits promised under current law. That is before any bridges or highways are built and before any teachers' or police officers' salaries are paid.
    This is based on the THE 2010 ANNUAL REPORT OF THE BOARD OF TRUSTEES OF THE FEDERAL OLD-AGE AND SURVIVORS INSURANCE AND FEDERAL DISABILITY INSURANCE TRUST FUNDS
    Last edited by reefedjib; 04-09-11 at 07:13 PM.

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    Re: Boehner, Obama Remarks on Budget Deal

    Quote Originally Posted by reefedjib View Post
    Ooops, sorry, it looks like the unfunded liability is actually $107 TRILLION in 2009.

    Social Security and Medicare Projections: 2009
    Which, again, is completely meaningless because you can infinitely extend the time frame and claim whatever number you like. If you extrapolate out to the year infinity, our unfunded liability is INFINITY DOLLARS!!!
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Boehner, Obama Remarks on Budget Deal

    Quote Originally Posted by Deuce View Post
    Which, again, is completely meaningless because you can infinitely extend the time frame and claim whatever number you like. If you extrapolate out to the year infinity, our unfunded liability is INFINITY DOLLARS!!!
    The Trustees Report uses a long range calculation of 75 years.

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