Budget
$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
Tips for paying down your I.O.U.S.A.: Byte-Sized – The 30 Minute Version
By now, you may have heard about our acclaimed documentary I.O.U.S.A., a film that boldly examines the rapidly growing national debt and its consequences for the United States and its citizens. The film has been a huge hit, getting rave reviews from Roger Ebert and others.
Now, we proudly release a 30-minute condensed version of I.O.U.S.A. designed specifically for watching and sharing on the web – for free.
So if you haven’t had a chance to see the movie yet, watch the condensed I.O.U.S.A. today. If you’ve already seen it in a theater, check out the abbreviated version for a refresher. Then, tell your friends, your family, your Facebook friends and your Twitter followers about the staggering amount of money – $53 trillion – in financial obligations owed by the federal government to foreign investors and to every single American in the form of pensions, health benefits, Social Security and Medicare.
Then, visit http://www.IOUSAtheMovie.com and join us in our Fiscal Wake-Up Movement. Together, we can make American fiscal responsibility a reality.
You can now own I.O.U.S.A. on DVD! The newly released DVD, with 125 minutes of bonus material, now enables even more concerned citizens to learn about the state of our countrys finances and take action!
Available at a local retailer or online at http://www.shoppbs.org/product/index.jsp?productId=3445713 and at http://www.amazon.com/i-o-u-s-David-Walker-Peterson-Foundation/dp/B001P9G3HE/ref=pd_bbs_1?ie=UTF8&s=dvd&qid=1239048356&sr=8-1
Duration : 0:32:35
Paul Ryan on debt ceiling increase: “A proud moment” for Speaker Pelosi?
The Speaker of the House came and just said something to the effect that this was a proud moment a happy occasion a bill shes really excited about. The bill were about to vote on, Madame Speaker, raises the national debt ceiling by $1.9 trillion. Even if I were a supporter of this bill, I wouldnt be proud of it.
Ive taken a look at the Presidents budget. On page 172, table S-9, the Presidents PAY-GO proposal says at the end of the budget window we can spend another $473 billion. So, were saying, all the debt thats going up, the tripling of the national debt, that were giving to our kids and grandkids, not only does that comply with pay-go, we can go ahead and spend another $473 billion on top of it. This, Madame Speaker, is a fiscal charade.
Real people, from both parties, need to step up and solve this problem. Ive thrown out a few ideas of my own. I hope other Republicans and Democrats do the same. Because Madame Speaker, if we dont tackle this problem, its going to tackle us.
Our constituents sent us here to be a part of the solution, and not a part of the problem. We know irrefutably were going to bequeath this mountain of deficit and debt onto the next generation. Both of our parties share in the blame. No one party corners a virtue on fiscal responsibility. But were going to together have to come down here and fix this problem once and for all, and doing this doesnt do it. Doing this is a cop-out. Doing this raises the debt limit $1.9 trillion, and gives us a fiscal cop-out so that we can go talk tough in the election about how we did this and that, while we bequeathed the next generation an inferior standard of living.
I didnt come here to make sure that my three kids are going to have a life thats worse off than ours. Nobody here wants that, so lets get this fixed, defeat this bill, come together, and get serious about real fiscal discipline. The American people are not under-taxed we overspend.
Duration : 0:2:27
Taxpayers Gather To Protest Spending, Taxes, Growing Debt
The real grassroots Tea Party movement stands in marked contrast to Democrat attempts to manufacture a movement for Obama’s $3.55 trillion budget.
Duration : 0:1:6
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