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In the course of that year, the U.S. government’s fiscal gap -- the true measure of the nation’s indebtedness -- rose by $11 trillion
The U.S. fiscal gap, calculated using the CBO's realistic long-term budget forecast -- the Alternative Fiscal Scenario -- is now $222 trillion. Last year, it was $211 trillion. The $11 trillion difference -- this year’s true federal deficit -- is 10 times larger than the official deficit and roughly as large as the entire stock of official debt in public hands. (Source: M-T.o)
Quote:
When fully retired, 78 million baby boomers will collect, on average, more than 85 percent of per-capita gross domestic product ($40,000 in today’s dollars) in Social Security, Medicare and Medicaid benefits.
Just let that one sink in for a moment. 85% in entitlement programs.
You can't have 2 growth functions where one has a larger growth number than the other. They'll pull apart every time. Growth in debt can never exceed growth in economy. It will happen every. single. time. Without fail. Which is why it can never be allowed to happen.
It's real, and Democrats/Liberals have shown ZERO desire to reign in our spending. In fact, all we hear from that side of the aisle is that more spending will solve our problems.
It's idiocy of the highest order, and one day us conservatives will be able to look back and say "We told you so, but you refused to listen."
I understand that we will now hit the debt ceiling before elections. When it got raised before it was supposed to last until January.
"To infinity and beyond"
Buzz Lightyear
I sincerely hope the debt ceiling is reached before the elections. I want Barack Obama and Democrats to be held accountable for kicking the can down the road every time it's inconvenient for his/their re-election prospects.
I sincerely hope the debt ceiling is reached before the elections. I want Barack Obama and Democrats to be held accountable for kicking the can down the road every time it's inconvenient for his/their re-election prospects.
Looks like we're going to hit it in October. It may be sooner depending on how much more we spend between now and then.
Obama just promised $170 million to buy up meat and freeze it (USDA and DoD).
The DHS is about to process 1.8 million amnesty applications and needs to hire 1500-2000 people.
The DHS is considering waiving the fee $450 for those applications.
States operating the high risk insurance pool ran out of subsidy money and have asked the Fed for more money.
Just a taste of how our agencies are "finding" money to spend which hasn't been allocated to them.
I doubt we hit it before election day - not that it matters, as Romney basically handed Obama the election.
But it's coming. I say we're Greece by 2018.
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