Some scary stuff every American should know about

[darkdog]

Here are some figures most people don't know about but should.

Right now, our federal debt is around $10.7 trillion. Our future entitlement obligations are $53 trillion. Our annual tax revenues are around $2.7 trillion. We're having to borrow money from countries like China and print new money. This is all according to David Walker, who is the former US Comptroller General and head of the Government Accountability Office (GAO). He resigned earlier this year and started the Peter G. Peterson Foundation whose purpose is to get this information out. The website is here: Peter G. Peterson Foundation

Think about it this way. Suppose you're taking care of a family and you have an annual income of $100,000. That's a pretty good salary. But suppose you also have $400,000 in debt. Then, suppose you've promised your family $2,000,000 in future cars, toys, vacations, etc. Then suppose you promise your family to increase those future entitlements. Wouldn't that be just a little bit crazy? Any sane person would tell you to spend less and reduce the promises you made to your family, but politicians seem to think they can play by different rules.

Both presidential candidates have promised a lot of goodies that they cannot deliver without being horribly irresponsible. If things don't work out the way you've been promised, this could be a big reason why.

 

[Hear Again]

We won't know whether or not the policies promised by either McCain or Obama will come to fruition until after they are in office. Until then, it's a wait and see game.

By the way, if a family is $400,000 in debt and one of the family members promises $2,000,000 in cars, toys, vacations, etc. then they need to seriously re-evaluate their priorities.

 

[darkdog]

We won't know whether or not the policies promised by either McCain or Obama will come to fruition until after they are in office. Until then, it's a wait and see game.

You're right, and the two options are broken promises or fiscal irresponsibility. Either way, it sucks and people won't be happy, but for our long term's sake, I'm hoping for broken promises. In reality, I'm guessing it'll be some mix of the two.

By the way, if a family is $400,000 in debt and one of the family members promises $2,000,000 in cars, toys, vacations, etc. then they need to seriously re-evaluate their priorities.

The same can be said about those running the federal government and those who elect them. The numbers in reality are much bigger, but the proportions are the same. The national debt is about 4 times their annual tax revenue and future entitlement obligations is about 20 times that. Sooner or later, one of the heads of this family will have to sit down and say, "You know, we've been spending way too much and there's no way we can meet all these future promises. We have to cut down." We need politicians to say the same thing, but it's not a popular message. Too many politicians have staked their careers on promising more and more goodies for everyone.

 

[Hear Again]

You're right, and the two options are broken promises or fiscal irresponsibility. Either way, it sucks and people won't be happy, but for our long term's sake, I'm hoping for broken promises. In reality, I'm guessing it'll be some mix of the two.

Hopefully, whoever is elected President tomorrow will keep their promises. I have a feeling Obama will, but that remains to be seen.

The same can be said about those running the federal government and those who elect them. The numbers in reality are much bigger, but the proportions are the same. The national debt is about 4 times their annual tax revenue and future entitlement obligations is about 20 times that. Sooner or later, one of the heads of this family will have to sit down and say, "You know, we've been spending way too much and there's no way we can meet all these future promises. We have to cut down." We need politicians to say the same thing, but it's not a popular message. Too many politicians have staked their careers on promising more and more goodies for everyone.

Agreed. It seems that all the federal government knows how to do is spend money -- not save it. :roll:

However, under the Clinton Adminstration, we had a surplus, so there's at least one President who knows how to spend money wisely.

i

 

[darkdog]

On the bright side, if they don't keep their promises, at least there is a positive coming out of it. Still, politicians shouldn't make irresponsible promises just to get elected.

Regarding the budget surplus in the 90s, Bill Clinton definitely deserves some credit for that, but the executive branch is just one branch of government. Congress also has a big role to play in that, too.

 

[Hear Again]

On the bright side, if they don't keep their promises, at least there is a positive coming out of it. Still, politicians shouldn't make irresponsible promises just to get elected.

Regarding the budget surplus in the 90s, Bill Clinton definitely deserves some credit for that, but the executive branch is just one branch of government. Congress also has a big role to play in that, too.

If the upcoming President doesn't keep their promises, how can that be seen as being something positive?

 

[darkdog]

If the upcoming President doesn't keep their promises, how can that be seen as being something positive?

Because it means they're trying to be fiscally responsible. This country is in so much debt that we can't afford all the stuff they promised. Where's the money going to come from? We're already borrowing and printing something like $3 billion a day just to get by. If they carried through on all their promises, that would make the problem even worse. Politicians need to promise less spending, not more.

 

[Hear Again]

Because it means they're trying to be fiscally responsible. This country is in so much debt that we can't afford all the stuff they promised. Where's the money going to come from? We're already borrowing and printing something like $3 billion a day just to get by. If they carried through on all their promises, that would make the problem even worse. Politicians need to promise less spending, not more.

I don't think that will ever happen. Given the amount of our national debt, it seems unrealistic for politicians to promise less spending as opposed to more. I just don't see that happening unless we have a surplus like we did during the Clinton Administration.

 

[sablescort]

It's time to cut up the National Credit Card. I cant wrap my mind how staggering the interest is going to be on the debt.

 

[Hear Again]

It's time to cut up the National Credit Card. I cant wrap my mind how staggering the interest is going to be on the debt.

With the national debt growing at a substantial rate every day, the interest is going to be astronomical. :Ohno:

 

[darkdog]

I don't think that will ever happen. Given the amount of our national debt, it seems unrealistic for politicians to promise less spending as opposed to more. I just don't see that happening unless we have a surplus like we did during the Clinton Administration.

Oh, when I say spending, I mean programs, entitlements, goodies, infrastructure etc. I don't mean to include repayment of debt. It's the difference between buying a bunch of stuff on a credit card (spending) and paying the credit card bill when it comes (debt repayment). As long as people vote for the guy who promises the most goodies, this will be a problem (at least until the debt becomes unsustainable). It's no different than partying with credit cards for several years, racking up a huge debt, and having it all come crashing down.

 

[Hear Again]

Oh, when I say spending, I mean programs, entitlements, goodies, infrastructure etc. I don't mean to include repayment of debt. It's the difference between buying a bunch of stuff on a credit card (spending) and paying the credit card bill when it comes (debt repayment). As long as people vote for the guy who promises the most goodies, this will be a problem (at least until the debt becomes unsustainable). It's no different than partying with credit cards for several years, racking up a huge debt, and having it all come crashing down.

Agreed.

 

[Tousi]

All of this is just quickening the day and reality of a one world government. Next step toward this one worldism is Amero (Canada, USA, and Mexico), the equivalent of Euro.....Yup, Canada for her rich and vast resources, USA for her resources and buying power, and Mexico whom we will all help.