$78.8 Trillion; United States Debt Obligations exceed world GDP; Monetary Collapse Looming?
How in the world are we going to pay off all of this debt? Raising taxes to do it would burden our economy, and then the situation would only get worse. To me the solution is obvious, cut spending.
For too long in this country we’ve had the give-me-stuff people standing there with their hand out, and the government putting something in it. Does the idea of small government ring a bell? It is what our founding Fathers had in mind when they gave us our constitution. That is why there is a list in the constitution that quite clearly spells out the powers of the federal government, and also what it is not allowed to do. So basically if it was not listed as a power, then they are to stay away from it, and allow the States to handle it.
Just take a look at federal laws. At the very beginning they will state their authority in enacting the law, and it is almost always the commerce clause. I’m sure they even think that just because your computer is hooked up to the internet, and therefore has contact with other computers in other States, that they then would have the constitutional right of regulating your computer, and thereby your internet communications; they are out of control.
jbranstetter04
Federal obligations exceed world GDP
Does $65.5 trillion terrify anyone yet?
As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.
The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account.
The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the “2008 Financial Report of the United States Government” as released by the U.S. Department of Treasury.
The difference between the $455 billion “official” budget deficit numbers and the $5.1 trillion budget deficit cited by “2008 Financial Report of the United States Government” is that the official budget deficit is calculated on a cash basis, where all tax receipts, including Social Security tax receipts, are used to pay government liabilities as they occur.
But the numbers in the 2008 report are calculated on a GAAP basis (“Generally Accepted Accounting
Practices”) that include year-for-year changes in the net present value of unfunded liabilities in social insurance programs such as Social Security and Medicare.
Under cash accounting, the government makes no provision for future Social Security and Medicare benefits in the year in which those benefits accrue.
“As bad as 2008 was, the $455 billion budget deficit on a cash basis and the $5.1 trillion federal budget deficit on a GAAP accounting basis does not reflect any significant money [from] the financial bailout or Troubled Asset Relief Program, or TARP, which was approved after the close of the fiscal year,” economist John Williams, who publishes the Internet website Shadow Government Statistics, told WND.
“The Congressional Budget Office estimated the fiscal year 2009 budget deficit as being $1.2 trillion on a cash basis and that was before taking into consideration the full costs of the war in Iraq and Afghanistan, before the cost of the Obama nearly $800 billion economic stimulus plan, or the cost of the second $350 billion in TARP funds, as well as all current bailouts being contemplated by the U.S. Treasury and Federal Reserve,” he said.
“The federal government’s deficit is hemorrhaging at a pace which threatens the viability of the financial system,” Williams added. “The popularly reported 2009 [deficit] will clearly exceed $2 trillion on a cash basis and that full amount has to be funded by Treasury borrowing.
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=88851
Duration : 0:1:41
25 Comments to $78.8 Trillion; United States Debt Obligations exceed world GDP; Monetary Collapse Looming?
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Decrease Military …
Decrease Military spending, decrease welfare spending, decrease bailouts, stop buying foreign oil.
Don’t worry Old …
Don’t worry Old Rupert Will blame it on the one Legged Lesbian Democrats under
Obama, and everything will be “oh so-cool” again.
I’ll sell my right …
I’ll sell my right to vote just to have ny become a commonwealth, this way I won’t vote for moron A or moron B, and I get to keep my income tax .
@DarkestManager not …
@DarkestManager not to mention the government spends about 800 billion per year on the wars in the middle east.
I remember those …
I remember those nights around the camp fire…, it was a beautiful day today…, strange how so many problems seem to happen at the same time…, well, bed time.
so sad, but …
so sad, but obviously this is the best we can do, there are plenty of solutions to all problems, our issues are with ourselves though, isn’t that strange? we have plenty of resources for all, and our entire lives are completely dictated by this “work” mentality, we’re complex bees man, stupid stupid stupid stupid, arguing over paper while children starve, we’re all so ugly,
@Tofi684…… …
@Tofi684……aaaaaaaaaa ha ha ha ha ha ha haaa aaaaaaa ha ha ha ha ha haha aaaaa ha ha haa !!!….You a chink ! ha ha ha ha ha ha ha ha ha ha ha aaaa !!!! You suck dick ! ha ha ha ha ha ha ha haaaaaa haha ha ha ha aaaaa !! You eat dogs ! ha ha ha ha ha ha ha ha ha haaaaa !!!!
@kerorogundam00 yes …
@kerorogundam00 yes the world belongs to the peoples republic….hahahahahahahahahah u da man…..hahahahahahahahah….and america ish sooooooo out of pesos…hahahahahahahahahahahahahahahahahahahah
…
hahahahahahahahahahahahah….broke america….hahahahahahahahahah…so broke…hahahahahahahahaahahahahahahah….no money to pay rent….hahahahahahahahahahaahahahahahah
it’s virtually …
it’s virtually meaningless to compare world GDP for one year to all future ‘debt’ obligations, especially social security and medicaid. In 2008, social security was 600B and medicaid was 200B. It’s like comparing all the money you will spend in your lifetime to how much money everyone on your block makes in one year and saying, ‘oh my gosh, its the same number,’ Who cares, go take a class and learn something real about the world.
And you people said …
And you people said China suck……pay up before making fun of us!
when an empire …
when an empire feels invincible and arrogant….these are the results….remember rome,imperial china,imperial japan,persians,egyptians,mongols and the list goes on and on…..im jus saying my brothers and sisters…hahahahahahaha
STOP paying debt …
STOP paying debt and walkaway from underwater mortgage?…and guess who’s got who by the balls.
@DarkestManager Not …
@DarkestManager Not only do they need to reduce military spending. They should legalize canabis/drugs and tax the out of them, and also increase the price of cigarettes. In australia they’ve increased the price in tobacco, mining industry taxes and also the PBS pharmaceutical department. its great. In 3 years this country will be in surplus! xD
@8peregrint8
well …
@8peregrint8
well exhibitman is actually wrong, if the dollar collapses oil producers would just sell in euro’s which is a more profitable currency for them than the dollar. the petrodollar oil standard mainly benefits the US economy, oil producers would be better off selling in euro’s but its difficult as US pressure wont allow it. just look what happened to saddam when he started trading in euro’s.
watch this, it explains how the system works
Iraq War Conspiracy part 1 Petro Dollar
@ExhibitMan
the …
@ExhibitMan
the only way oil producers would lose out if the dollar collapsed is if the US had to cut its oil consumption. the US consumes 50% of all world oil production so demand would be down. the dollar is worth little now, oil producers would be better off selling in another currency like the euro but big brother says no.
here watch this.
Iraq War Conspiracy part 1 Petro Dollar
@ExhibitMan
yes …
@ExhibitMan
yes they do but not by choice, its called the petrodollar, the oil standard where every oil producer trades oil internationally in dollars. its not by law but look what happened to saddam when he started trading his oil in euro’s. and now iran are talking about it and trying to gain support from its oil rich neighbours. the petrodollar only benefits the US, the euro’s worth more so oil nations would gain higher profit trading in euro’s. its US pressure that stops them.
The US economy is …
The US economy is in terminal decline. It’s impossible with their GDP to service even the interest on the debt & run a country let alone the imperial ambitions of an empire that is attempting a last ditch world power/resources grab.
78.8 trillion …
78.8 trillion dollars = $78,800,000,000,000
Think about it…
Honestly thats a …
Honestly thats a good play on numbers, they took a situation that doesn’t exist, and without lying made it appear very grave, while being misleading as hell. Remember the phrase future debt obligation, so were talking how much we’re going to pay over a period of time, looks like they did the math for somewhere in the realm of 40 years of spending.
@issa222100 are you …
@issa222100 are you jew?? u people still didn’t get the lesson after WW2, u geedy people will be in big trouble when USA collapsed.
@issa222100 …
@issa222100 honeslty we need to make usa go bankrupt first…
USA = MADE IN CHINA …
USA = MADE IN CHINA.. haha and americans still critises china on human right.. when chinese people bring 300million out of poverty…
@issa222100 You’re …
@issa222100 You’re ill-informed, they’d nuke you back.
i got the answer in …
i got the answer in my vid “credit crunch”…its a very short vid but try to keep up….