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Thread: Your share of the national debt is now $1.1 million

  1. #1
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    Your share of the national debt is now $1.1 million

    Each U.S. taxpayer now has a federal-debt liability of $1.1 million, and rising.

    Remember that when President Obama boasts that the federal deficit—the shortfall between annual revenues and spending—is declining. Of course, the primary reason for the decline is the sequester, which was his idea but now adamantly opposes.

    The public tends to focus on the total national debt, which just passed the $17 trillion mark—up from $10.6 trillion when President Obama took office. But that figure pales in comparison to the federal government’s long term unfunded liabilities—money the government is obligated to pay over and above the revenues it is estimated to receive.

    According to the U.S. Debt Clock, total long term unfunded liabilities are at $126 trillion, a $1.1 million liability for each U.S. taxpayer.

    The main driver of that astronomical number is two of our major entitlement programs: Social Security and Medicare.

    The Debt Clock says Social Security is looking at $16.6 trillion in unfunded liabilities, while Medicare faces $87.6 trillion. And Medicare’s prescription drug benefit, which passed in 2003, adds another $22 trillion.

    The Debt Clock’s Medicare unfunded liability is twice the current government projection—$43 trillion—because Democrats used Obamacare to try and deceive the public. Prior to passage the government’s estimate was similar to the Debt Clock’s.

    That difference is because Obamacare requires the Medicare trustees, who annually report on the program’s financial condition, to assume that Medicare will significantly cut reimbursements to doctors and hospitals in the future.

    - See more at: Your share of the national debt is now $1.1 million | Rare
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    You may find yourself living in a shotgun shack
    You may find yourself working less than 30 hours a week
    You may find yourself behind the wheel of a tiny fuel efficient automobile
    You may find yourself eating inedible food from my beautiful wife
    You may ask yourself, well, how do I get on healthcare.gov?

    Letting the debt go high, underwater till we drown
    Kiss the U.S. goodbye, can't nobody slow me down
    On whom will you depend, after the money's gone?
    Once you worked full-time, but you're only part-time now

    You may ask yourself, how do I work this website?
    You may ask yourself, where is that 25 hundred dollar savings?
    You may tell yourself, this is not affordable health care
    But you should say to yourself, at least I still have this shotgun shack

    Letting the debt go high, underwater till we drown
    Kiss the U.S. goodbye, can't nobody slow me down
    On whom will you depend, after the money's gone?
    Once you worked full-time, but you're only part-time now

    This website will never work, this website will never work,
    This website will never work, this website will never work

    Letting the debt go high, underwater till we drown
    Kiss the U.S. goodbye, can't nobody slow me down
    On whom will you depend, after the money's gone?
    Once you worked full-time, but you're only part-time now

    Letting the debt go high
    This website will never work
    The Clintons are what happens...
    when you have NO MORAL COMPASS.

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    Re: Your share of the national debt is now $1.1 million

    Where's the flush handle? This thread is so blatantly dishonest I don't even know where to begin.
    Freedom of speech is not freedom from criticism.

  3. #3
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    Re: Your share of the national debt is now $1.1 million

    Quote Originally Posted by zimmer View Post
    Socialism at Work for the People.
    Pravda... Da?





    You may find yourself living in a shotgun shack
    You may find yourself working less than 30 hours a week
    You may find yourself behind the wheel of a tiny fuel efficient automobile
    You may find yourself eating inedible food from my beautiful wife
    You may ask yourself, well, how do I get on healthcare.gov?

    Letting the debt go high, underwater till we drown
    Kiss the U.S. goodbye, can't nobody slow me down
    On whom will you depend, after the money's gone?
    Once you worked full-time, but you're only part-time now

    You may ask yourself, how do I work this website?
    You may ask yourself, where is that 25 hundred dollar savings?
    You may tell yourself, this is not affordable health care
    But you should say to yourself, at least I still have this shotgun shack

    Letting the debt go high, underwater till we drown
    Kiss the U.S. goodbye, can't nobody slow me down
    On whom will you depend, after the money's gone?
    Once you worked full-time, but you're only part-time now

    This website will never work, this website will never work,
    This website will never work, this website will never work

    Letting the debt go high, underwater till we drown
    Kiss the U.S. goodbye, can't nobody slow me down
    On whom will you depend, after the money's gone?
    Once you worked full-time, but you're only part-time now

    Letting the debt go high
    This website will never work
    Actually, I think it is less. But I do think it is very important to keep at our politicians about the debt and National overspend. We cannot continue along this trajectory and must curtail spending. We will even have to increase taxes for a short period. There is no other way.

    Here is my favorite link to the Debt Clock: U.S. National Debt Clock : Real Time

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    Re: Your share of the national debt is now $1.1 million

    Quote Originally Posted by joG View Post
    Actually, I think it is less. But I do think it is very important to keep at our politicians about the debt and National overspend. We cannot continue along this trajectory and must curtail spending. We will even have to increase taxes for a short period. There is no other way.

    Here is my favorite link to the Debt Clock: U.S. National Debt Clock : Real Time
    In the long term, of course we will have to curtail some spending and increase taxes. However, the best way to combat the national debt is GROWTH. Every burst in economic growth in this country has come through technological breakthroughs. The Internet. The assembly line. Nuclear power. The automobile. The steam engine. Hell, the cotton gin.

    Become a technological leader again, we solve the debt.

    And we're not that far off from that. The U.S. is still a huge producer of much of the world's tech. Most of the production of said tech gets outsourced to places like China, so we're losing on that revenue stream, but the U.S. still produces more viable technology than any country on the planet.
    Freedom of speech is not freedom from criticism.

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    Re: Your share of the national debt is now $1.1 million

    Quote Originally Posted by nazia View Post
    It all shearing is amazing. Very well done for the above informative shearing.
    No, this was not informative. This was a jingle by a shock jock designed to blame Obama for all of our problems.
    Freedom of speech is not freedom from criticism.

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    Re: Your share of the national debt is now $1.1 million

    Quote Originally Posted by Kobie View Post
    In the long term, of course we will have to curtail some spending and increase taxes. However, the best way to combat the national debt is GROWTH. Every burst in economic growth in this country has come through technological breakthroughs. The Internet. The assembly line. Nuclear power. The automobile. The steam engine. Hell, the cotton gin.

    Become a technological leader again, we solve the debt.

    And we're not that far off from that. The U.S. is still a huge producer of much of the world's tech. Most of the production of said tech gets outsourced to places like China, so we're losing on that revenue stream, but the U.S. still produces more viable technology than any country on the planet.
    No question, that is true. We need growth. It is the best way out of debt. Problem is, that you have to have policies that allow growth. ACA and a number of other policies going on right now do not make significant growth probable.

    And again your implicit assumption is true. The reduction of the deficit will entail policies that will reduce growth in the short term. And here is the crux. The deficit is such, that National Debt is growing at an unsustainable pace in the shorter mid term.

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    Re: Your share of the national debt is now $1.1 million

    Quote Originally Posted by joG View Post
    No question, that is true. We need growth. It is the best way out of debt. Problem is, that you have to have policies that allow growth. ACA and a number of other policies going on right now do not make significant growth probable.

    And again your implicit assumption is true. The reduction of the deficit will entail policies that will reduce growth in the short term. And here is the crux. The deficit is such, that National Debt is growing at an unsustainable pace in the shorter mid term.
    Time will tell with ACA ... I do not see it being the harbinger of doom that some do.

    I realize deficit and debt reduction are different things, but they can be achieved with growth through technology. We need massive infusion of cash into research and development for information tech, medical tech (especially drug research), and nanotech. Play to our strengths. We're not a manufacturing giant anymore, and we never will be.
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    Re: Your share of the national debt is now $1.1 million

    Quote Originally Posted by Kobie View Post
    Time will tell with ACA ... I do not see it being the harbinger of doom that some do.

    I realize deficit and debt reduction are different things, but they can be achieved with growth through technology. We need massive infusion of cash into research and development for information tech, medical tech (especially drug research), and nanotech. Play to our strengths. We're not a manufacturing giant anymore, and we never will be.
    Actually I am not against general health insurance. ACA is too complicated and makes it too difficult to understand, what its effects will be for a company or individual. This increases risk in the perception of decision makers and reduces the propensity to spend on investment or even consumption. this is purely short term, which is quite different from longer term impact, that can be the opposite.

    And again yes. We can achieve growth through technology and seem to be doing so. This does not mean that the debt can increased at this pace for much longer. It is no longer future generations that will be affected by our debt. That chicken is about to enter our roost.

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    Re: Your share of the national debt is now $1.1 million

    Quote Originally Posted by joG View Post
    Actually I am not against general health insurance. ACA is too complicated and makes it too difficult to understand, what its effects will be for a company or individual. This increases risk in the perception of decision makers and reduces the propensity to spend on investment or even consumption. this is purely short term, which is quite different from longer term impact, that can be the opposite.
    I agree with that ... there is a ton of uncertainty regarding the ACA, to the point where employers are cutting jobs, hours, pay and benefits simply because of what they think, worst-case, the ACA might do to their bottom line. The rollout of this program, which has certainly had no help from certain red state legislatures that have refused to set up exchanges or take part in Medicare expansion, has been nothing short of a trainwreck. That does not, however, necessarily mean the program itself is bad or unworkable. It will definitely need some tweaks, and it's certainly not optimal, but I think in the long run it will turn out better than we had.

    Quote Originally Posted by joG View Post
    And again yes. We can achieve growth through technology and seem to be doing so. This does not mean that the debt can increased at this pace for much longer. It is no longer future generations that will be affected by our debt. That chicken is about to enter our roost.
    I know this isn't a popular opinion, but our debt isn't unmanageable. Yet. Our debt is still the most valuable financial commodity in the world. No matter how ridiculous this clown shoes nonsense goes on in Washington, people are still buying our debt. Because they know we can eventually pay it back. Hell, we owe most of our debt to ourselves. Our currency is extremely valuable, especially in foreign states. The chickens aren't even close to coming to roost yet ... UNLESS we default, which is why debt ceiling chicken is a terrible game to play.
    Freedom of speech is not freedom from criticism.

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    Re: Your share of the national debt is now $1.1 million

    Quote Originally Posted by Kobie View Post
    I know this isn't a popular opinion, but our debt isn't unmanageable. Yet. Our debt is still the most valuable financial commodity in the world. No matter how ridiculous this clown shoes nonsense goes on in Washington, people are still buying our debt. Because they know we can eventually pay it back. Hell, we owe most of our debt to ourselves. Our currency is extremely valuable, especially in foreign states. The chickens aren't even close to coming to roost yet ... UNLESS we default, which is why debt ceiling chicken is a terrible game to play.
    True. And they will go on buying it till they don't.

    When to expect that is impossible to say. Only days before Lehman went down people were buying their debt. Then you couldn't give it away.

    The US is still not at that point. But an awful lot of the debt is landing at the fed. That implies not a run but a devaluation and following that inflation. But again it is too early to say. What must be kept in mind is the time dimension. It will take time to work the debt off and the process cannot be controlled once a collapse starts. Do we really want to take that punt?

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