darkdog
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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.
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.