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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on May 29, 2009, 08:27:20 AM
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Leap in U.S. debt hits taxpayers with 12% more red ink
Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises, a USA TODAY analysis shows.
The 12% rise in red ink in 2008 stems from an explosion of federal borrowing during the recession, plus an aging population driving up the costs of Medicare and Social Security.
That's the biggest leap in the long-term burden on taxpayers since a Medicare prescription drug benefit was added in 2003.
The latest increase raises federal obligations to a record $546,668 per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.
"We have a huge implicit mortgage on every household in America — except, unlike a real mortgage, it's not backed up by a house," says David Walker, former U.S. comptroller general, the government's top auditor.
USA TODAY used federal data to compute all government liabilities, from Treasury bonds to Medicare to military pensions.
Bottom line: The government took on $6.8 trillion in new obligations in 2008, pushing the total owed to a record $63.8 trillion.
The numbers measure what's needed today — set aside in a lump sum, earning interest — to pay benefits that won't be covered by future taxes.
Congress can reduce or increase the burden by changing laws that determine taxes and benefits for programs such as Medicare and Social Security.
Rep. Jim Cooper, D-Tenn., says exploding debt has focused attention on the government's financial challenges. "More and more, people are worried about our fiscal future," he says.
Key federal obligations:
• Social Security. It will grow by 1 million to 2 million beneficiaries a year from 2008 through 2032, up from 500,000 a year in the 1990s, its actuaries say. Average benefit: $12,089 in 2008.
• Medicare. More than 1 million a year will enroll starting in 2011 when the first Baby Boomer turns 65. Average 2008 benefit: $11,018.
•Retirement programs. Congress has not set aside money to pay military and civil servant pensions or health care for retirees. These unfunded obligations have increased an average of $300 billion a year since 2003 and now stand at $5.3 trillion.
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Hope & Change is not going to pay these bills.
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you guys worry too much about the little things.
It's a sunny day, and fresh air is free. Why worry about money all day long?
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you guys worry too much about the little things.
It's a sunny day, and fresh air is free. Why worry about money all day long?
Once they start cap & trade, you are going to be taxed on the air as well.
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Once they start cap & trade, you are going to be taxed on the air as well.
I look fwd to doing my part as a good american.
As should you.
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you guys worry too much about the little things.
It's a sunny day, and fresh air is free. Why worry about money all day long?
240 or bust, you are such an Obama apologist and brown noser!
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240 or bust, you are such an Obama apologist and brown noser!
hahahah i'm parroting the "my job is to be the president's cheerleader" line that Oreilly made famous.
personally, I think the economy is fcked, but it's all paper money that all the countries are using, and if shit gets hectic, we'll just pull in some favors worldwide and get our way.
we have 800+ bases worldwide. we can blow up the world if we want, and eveyrone knows it. Nobody kicks out the guy sleeping on the couch with a machine gun, ya know?
So I don't worry too much about it. Obviously I dislike the borrowing, but I think it's a tactic to postpone a collapse until we can make deals or come up with the next microsoft or new technology to re-boost our exports in a major way.
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hahahah i'm parroting the "my job is to be the president's cheerleader" line that Oreilly made famous.
personally, I think the economy is fcked, but it's all paper money that all the countries are using, and if shit gets hectic, we'll just pull in some favors worldwide and get our way.
we have 800+ bases worldwide. we can blow up the world if we want, and eveyrone knows it. Nobody kicks out the guy sleeping on the couch with a machine gun, ya know?
So I don't worry too much about it. Obviously I dislike the borrowing, but I think it's a tactic to postpone a collapse until we can make deals or come up with the next microsoft or new technology to re-boost our exports in a major way.
Wow, you think are leaders are that stupid? ??? I hope not. :-\
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This is the biggest issue there is right now. Out of control debt, out of control spending, compounding interest on debt and no good plans for future obligations...yet our gov continues its outrageous spending and refuses to trim inefficient programs and stop proposing new programs.
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you guys worry too much about the little things.
It's a sunny day, and fresh air is free. Why worry about money all day long?
exactly. its funny how overblown this shit is, as if someone is going to show up at my door and demand i pay $546,667 ::)
its all just hypothetical crap, its all just monopoly money anyway.
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exactly. its funny how overblown this shit is, as if someone is going to show up at my door and demand i pay $546,667 ::)
its all just hypothetical crap, its all just monopoly money anyway.
No its not hypothetical you fool. The taxes and interest you pay are going to skyrocket to deal with this.
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240, you need to inject more pics like that in your posts.
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240, you need to inject more pics like that in your posts.
I would crash my car if I saw that while driving.
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This is the biggest issue there is right now. Out of control debt, out of control spending, compounding interest on debt and no good plans for future obligations...yet our gov continues its outrageous spending and refuses to trim inefficient programs and stop proposing new programs.
There are people who propose that kind of policy... You might know them as "The Party of NO"....
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There are people who propose that kind of policy... You might know them as "The Party of NO"....
Modt of the posters are in college or HS and dont understand the implications of massive debt on this scale.
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Modt of the posters are in college or HS and dont understand the implications of massive debt on this scale.
eh, most getbiggers rooting to 'let all the banks and car companies fail!" didn't understand the real ramifications of that happening either.
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eh, most getbiggers rooting to 'let all the banks and car companies fail!" didn't understand the real ramifications of that happening either.
Ha ha. They are going down anyway. Its just that we are masking it with the printing press.
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relax guys. all this 'money' is not even tangible. all these ridiculous numbers...they're all the same. all just monopoly money. just pop open a beer and dont worry about it.
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hahahah i'm parroting the "my job is to be the president's cheerleader" line that Oreilly made famous.
personally, I think the economy is fcked, but it's all paper money that all the countries are using, and if shit gets hectic, we'll just pull in some favors worldwide and get our way.
we have 800+ bases worldwide. we can blow up the world if we want, and eveyrone knows it. Nobody kicks out the guy sleeping on the couch with a machine gun, ya know?
So I don't worry too much about it. Obviously I dislike the borrowing, but I think it's a tactic to postpone a collapse until we can make deals or come up with the next microsoft or new technology to re-boost our exports in a major way.
So this economic down turn was only for shits and giggles?
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exactly. its funny how overblown this shit is, as if someone is going to show up at my door and demand i pay $546,667 ::)
its all just hypothetical crap, its all just monopoly money anyway.
You are paying for it right now and don't even know it.
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Ha ha. They are going down anyway.
Exatly. I wonder what people are smoking sometimes.
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Exatly. I wonder what people are smoking sometimes.
I say we just nuke them, nuke them all!
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I say we just nuke them, nuke them all!
What YOU smoking bud? :D
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What YOU smoking bud? :D
Solution to problems=nuke them :)
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eh, most getbiggers rooting to 'let all the banks and car companies fail!" didn't understand the real ramifications of that happening either.
dude, you don't understand 99% of what you talk about. privatizing profits and nationalizing losses=recipe for disaster. if the government is going to intervene the least they should do is fire all the leaders of these companies. so many financial criminals who have destroyed our economy getting off without even a slap on the wrist, the bank bailouts were theft and destroy all incentive for a sustainable profitable business model.
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Nukes
End of thread
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eh, most getbiggers rooting to 'let all the banks and car companies fail!" didn't understand the real ramifications of that happening either.
You should outline those ramifications here.
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You should outline those ramifications here.
just google 'ramifications of letting banks and car companies fail', then you will get 240s response.
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if the government is going to intervene the least they should do is fire all the leaders of these companies.
sorry, getbig experts believe it's wrong to fire/limit salary of CEOs, even if they have driven a company into the ground and put the economy and jobs of millions at risk as a result.
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sorry, getbig experts believe it's wrong to fire/limit salary of CEOs, even if they have driven a company into the ground and put the economy and jobs of millions at risk as a result.
we need a good ol' fashioned public lynching of these financial criminals