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The Bottom Line...

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eyer

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“Here’s the bottom line. If you take the total liabilities of the United States – public debt, unfunded pensions, retiree health care, under funding with regard to social security, with regard to medicare, a range of commitments and contingencies – as of September 30 2010 we would have had to have had $61.6 trillion dollars in the bank in order to be able to defease those obligations.”

Former head of the Government Accountability Office and Comptroller General of the United States, David Walker has issued a stark warning following the compromise deal to raise the debt ceiling.

“We are less than three years away from where Greece had its debt crisis as to where they were from debt to GDP,” Walker highlighted in an interview with CNBC earlier today.

Greece’s ratio of debt to GDP has surpassed 100% and is heading towards 150%, a factor that has meant without bailouts from the EU and the IMF, the country would have defaulted.

The US is now nearing the same 100% margin with GDP growth floundering below 1%.

Regarding fixing the problem long term , Walker urged, “let me give you the bumper sticker, it’s ‘Limited government, individual liberty, fiscal responsibility’”.

http://www.infowars.com/former-comp...and-very-painful-economic-collapse-is-coming/
 
Seen on the net...

"Debt Man Walking"

aka

Uncle Sam
 
From the time this nation constitutionally began in 1789, until George Walker Bush was sworn in as POTUS on January 20, 2001 - 212 years - the national debt grew to $4.8 trillion...

...after W's 8 years in office, the national debt grew by another $5.8 trillion to $10.6 trillion.

After just 3 years of Barrack Hussein Obama's presidency, the national debt has already grown another $4.5 trillion to $15.1 trillion.

The deficit for last fiscal year was $1.3 trillion...

...under Obama, the national debt grows @ $49,000 a second, or $3 million/minute, or $176 million/hour, or $4 billion ever single day.

According to the White House's Office of Management and Budget, during his eight fiscal years, Bush ran up a total of $3.283 trillion in deficit spending (p. 22). In his first two fiscal years, Obama will run up a total of $2.826 trillion in deficit spending ($1.294 trillion in 2010, an estimated $1.267 trillion in 2011 (p. 23), and the $265 billion in "stimulus" money that was spent in 2009). Thus, Bush ran up an average of $410 billion in deficit spending per year, while Obama is running up an average of $1.413 trillion in deficit spending per year — or $1.003 trillion a year more than Bush.

Obama, of course, has said the economy made him do it. But the average inflation-adjusted deficits through Obama's first two fiscal years will be more than ten times higher than the average inflation-adjusted deficit during the Great Depression. Even as a percentage of the gross domestic product, the average deficits in Obama's first two fiscal years will more than three times higher the average deficit during the Great Depression. The fact that Obama's deficits have, by any standard, more than tripled those of the Great Depression, cannot convincingly be blamed on the current recession.

http://www.npr.org/2011/01/25/133211508/the-weekly-standard-obama-vs-bush-on-debt

[Keep in mind the above referenced article is past history, exponentially speaking: January 2011]
Click to expand...

So, exponentially speaking again, keep in mind:

Just since the debt ceiling debate 5 months ago, the national debt has alread increased almost another $1 trillion...

...or 20% of the national debt it took America 212 years to initially reach.


You, too, can watch the pretty debt numbers grow right before your very eyes...

...as a socialist leads the USSA to economic death:

http://www.usdebtclock.org/
 
Just one question eyer...
What do you personally think YOU (as in the singular) can do to stop this?
It's ok - I'll wait for your reply...
 
For educational purposes only...

http://theeconomiccollapseblog.com/wp-content/uploads/2011/12/50-Economic-Numbers-From-2011-That-Are-Almost-Too-Crazy-To-Believe-250x250.png

50 Economic Numbers From 2011 That Are Almost Too Crazy To Believe

by The Economic Collapse
Friday, December 16, 2011

Even though most Americans have become very frustrated with this economy, the reality is that the vast majority of them still have no idea just how bad our economic decline has been or how much trouble we are going to be in if we don’t make dramatic changes immediately. If we do not educate the American people about how deathly ill the U.S. economy has become, then they will just keep falling for the same old lies that our politicians keep telling them. Just “tweaking” things here and there is not going to fix this economy. We truly do need a fundamental change in direction. America is consuming far more wealth than it is producing and our debt is absolutely exploding. If we stay on this current path, an economic collapse is inevitable. Hopefully the crazy economic numbers from 2011 that I have included in this article will be shocking enough to wake some people up.

At this time of the year, a lot of families get together, and in most homes the conversation usually gets around to politics at some point. Hopefully many of you will use the list below as a tool to help you share the reality of the U.S. economic crisis with your family and friends. If we all work together, hopefully we can get millions of people to wake up and realize that “business as usual” will result in a national economic apocalypse.

The following are 50 economic numbers from 2011 that are almost too crazy to believe….

#1 A staggering 48 percent of all Americans are either considered to be “low income” or are living in poverty.

#2 Approximately 57 percent of all children in the United States are living in homes that are either considered to be “low income” or impoverished.

#3 If the number of Americans that “wanted jobs” was the same today as it was back in 2007, the “official” unemployment rate put out by the U.S. government would be up to 11 percent.

#4 The average amount of time that a worker stays unemployed in the United States is now over 40 weeks.

#5 One recent survey found that 77 percent of all U.S. small businesses do not plan to hire any more workers.

#6 There are fewer payroll jobs in the United States today than there were back in 2000 even though we have added 30 million extra people to the population since then.

#7 Since December 2007, median household income in the United States has declined by a total of 6.8% once you account for inflation.

#8 According to the Bureau of Labor Statistics, 16.6 million Americans were self-employed back in December 2006. Today, that number has shrunk to 14.5 million.

#9 A Gallup poll from earlier this year found that approximately one out of every five Americans that do have a job consider themselves to be underemployed.

#10 According to author Paul Osterman, about 20 percent of all U.S. adults are currently working jobs that pay poverty-level wages.

#11 Back in 1980, less than 30% of all jobs in the United States were low income jobs. Today, more than 40% of all jobs in the United States are low income jobs.

#12 Back in 1969, 95 percent of all men between the ages of 25 and 54 had a job. In July, only 81.2 percent of men in that age group had a job.

#13 One recent survey found that one out of every three Americans would not be able to make a mortgage or rent payment next month if they suddenly lost their current job.

#14 The Federal Reserve recently announced that the total net worth of U.S. households declined by 4.1 percent in the 3rd quarter of 2011 alone.

#15 According to a recent study conducted by the BlackRock Investment Institute, the ratio of household debt to personal income in the United States is now 154 percent.

#16 As the economy has slowed down, so has the number of marriages. According to a Pew Research Center analysis, only 51 percent of all Americans that are at least 18 years old are currently married. Back in 1960, 72 percentof all U.S. adults were married.

#17 The U.S. Postal Service has lost more than 5 billion dollars over the past year.

#18 In Stockton, California home prices have declined 64 percent from where they were at when the housing market peaked.

#19 Nevada has had the highest foreclosure rate in the nation for 59 monthsin a row.

#20 If you can believe it, the median price of a home in Detroit is now just $6000.

#21 According to the U.S. Census Bureau, 18 percent of all homes in the state of Florida are sitting vacant. That figure is 63 percent larger than it was just ten years ago.

#22 New home construction in the United States is on pace to set a brand new all-time record low in 2011.

#23 As I have written about previously, 19 percent of all American men between the ages of 25 and 34 are now living with their parents.

#24 Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.

#25 According to the Bureau of Economic Analysis, health care costs accounted for just 9.5% of all personal consumption back in 1980. Today they account for approximately 16.3%.

#26 One study found that approximately 41 percent of all working age Americans either have medical bill problems or are currently paying off medical debt.

#27 If you can believe it, one out of every seven Americans has at least 10 credit cards.

#28 The United States spends about 4 dollars on goods and services from China for every one dollar that China spends on goods and services from the United States.

#29 It is being projected that the U.S. trade deficit for 2011 will be 558.2 billion dollars.

#30 The retirement crisis in the United States just continues to get worse. According to the Employee Benefit Research Institute, 46 percent of all American workers have less than $10,000 saved for retirement, and 29 percent of all American workers have less than $1,000 saved for retirement.

#31 Today, one out of every six elderly Americans lives below the federal poverty line.

#32 According to a study that was just released, CEO pay at America’s biggest companies rose by 36.5% in just one recent 12 month period.

#33 Today, the “too big to fail” banks are larger than ever. The total assets of the six largest U.S. banks increased by 39 percent between September 30, 2006 and September 30, 2011.

#34 The six heirs of Wal-Mart founder Sam Walton have a net worth that is roughly equal to the bottom 30 percent of all Americans combined.

#35 According to an analysis of Census Bureau data done by the Pew Research Center, the median net worth for households led by someone 65 years of age or older is 47 times greater than the median net worth for households led by someone under the age of 35.

#36 If you can believe it, 37 percent of all U.S. households that are led by someone under the age of 35 have a net worth of zero or less than zero.

#37 A higher percentage of Americans is living in extreme poverty (6.7%) than has ever been measured before.

#38 Child homelessness in the United States is now 33 percent higher than it was back in 2007.

#39 Since 2007, the number of children living in poverty in the state of California has increased by 30 percent.

#40 Sadly, child poverty is absolutely exploding all over America. According to the National Center for Children in Poverty, 36.4% of all children that live in Philadelphia are living in poverty, 40.1% of all children that live in Atlanta are living in poverty, 52.6% of all children that live in Cleveland are living in poverty and 53.6% of all children that live in Detroit are living in poverty.

#41 Today, one out of every seven Americans is on food stamps and one out of every four American children is on food stamps.

#42 In 1980, government transfer payments accounted for just 11.7% of all income. Today, government transfer payments account for more than 18 percent of all income.

#43 A staggering 48.5% of all Americans live in a household that receives some form of government benefits. Back in 1983, that number was below 30 percent.

#44 Right now, spending by the federal government accounts for about 24 percent of GDP. Back in 2001, it accounted for just 18 percent.

#45 For fiscal year 2011, the U.S. federal government had a budget deficit ofnearly 1.3 trillion dollars. That was the third year in a row that our budget deficit has topped one trillion dollars.

#46 If Bill Gates gave every single penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for about 15 days.

#47 Amazingly, the U.S. government has now accumulated a total debt of 15 trillion dollars. When Barack Obama first took office the national debt was just 10.6 trillion dollars.

#48 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 440,000 years to pay off the national debt.

#49 The U.S. national debt has been increasing by an average of more than 4 billion dollars per day since the beginning of the Obama administration.

#50 During the Obama administration, the U.S. government has accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office.

Of course the heart of our economic problems is the Federal Reserve. The Federal Reserve is a perpetual debt machine, it has almost completely destroyed the value of the U.S. dollar and it has an absolutely nightmarish track record of incompetence. If the Federal Reserve system had never been created, the U.S. economy would be in far better shape. The federal government needs to shut down the Federal Reserve and start issuing currency that is not debt-based. That would be a very significant step toward restoring prosperity to America.

During 2011 we made a lot of progress in educating the American people about our economic problems, but we still have a long way to go.

Hopefully next year more Americans than ever will wake up, because 2012 is going to represent a huge turning point for this country.

http://theeconomiccollapseblog.com/...rom-2011-that-are-almost-too-crazy-to-believe
Click to expand...
 
Thursday, December 22, 2011: a day that will live in American economic infamy...


On that day, the national debt hit $15,182,756,264,288.80...

...and the latest annualized US GDP, according to the BEA, was $15,180,900,000.00.

Which means:

Total debt to GDP is now 100.012% - over 100% for the first time in history...

...and growing exponentially.
 
I predict within 24 months the RMB will become a joint reserve currency.

The dollar doesn't deserve (pun intended) it's sole reserve status any longer.
 
ChinaBandit said:
I predict within 24 months the RMB will become a joint reserve currency.

The dollar doesn't deserve (pun intended) it's sole reserve status any longer.
Click to expand...

And a currency whose value is determined by the country issuing it does?


There's just way too much dumb in this thread.
 
The US issue is easy to solve, just impossible in the US.

To solve the USA's issues, a combination of small govt cuts, small govt cuts to entitlements AND and small tax increase like a VAT and all of a sudden the USA doesn't have a fiscal problem.

You guys get lied to by your politicians and keep believing it, tax cuts and spending cuts won't do it.
 
albertaboy said:
The US issue is easy to solve, just impossible in the US.

To solve the USA's issues, a combination of small govt cuts, small govt cuts to entitlements AND and small tax increase like a VAT and all of a sudden the USA doesn't have a fiscal problem.

You guys get lied to by your politicians and keep believing it, tax cuts and spending cuts won't do it.
Click to expand...

Ok.

You realize Canada's 2010 debt to GDP ratio was 84%...

...and is rising.

Right?
 
eyer said:
Ok.

You realize Canada's 2010 debt to GDP ratio was 84%...

...and is rising.

Right?
Click to expand...


No it's not, it's in the 30's, the 84% includes provincial and municipal debt.

US debt description
62.9% of GDP (2010 est.)
country comparison to the world: 29
54.1% of GDP (2009 est.)
note: data cover only what the United States Treasury denotes as "Debt Held by the Public," which includes all debt instruments issued by the Treasury that are owned by non-US Government entities; the data include Treasury debt held by foreign entities; the data exclude debt issued by individual US states, as well as intra-governmental debt; intra-governmental debt consists of Treasury borrowings from surpluses in the trusts for Federal Social Security, Federal Employees, Hospital Insurance (Medicare and Medicaid), Disability and Unemployment, and several other smaller trusts; if data for intra-government debt were added, "Gross Debt" would increase by about one-third of GDP

Canadian description from the same source, the CIA Factbook

84% of GDP (2010 est.)
country comparison to the world: 15
83.3% of GDP (2009 est.)
note: figures are for gross general government debt, as opposed to net federal debt; gross general government debt includes both intragovernmental debt and the debt of public entities at the sub-national level

Compare apples to apples,
Federal Govt Debt in Canada is about $600b, Cdn GDP $1,547trillion or 38%

US fed govt debt $13.64T at the end of 2010,, GDP $14.7T or 94%

Canada Pension plan is fully funded from contribution through 2075 according to actuarial experts and Social Security isn't close.
 
albertaboy said:
No it's not, it's in the 30's, the 84% includes provincial and municipal debt.
Click to expand...

That's right...

...Canada's debt to GDP ratio is 84% (as I posted).

And using that same "apple" comparison, America's total debt is 376% of GDP ($56.4 trillion in debt, $15 trillion GDP)...

...and that still does not include massive amounts of unfunded liabilities.

Do you understand just the annual interest payment on American debt is two and half times the amount of Canada's entire GDP?

Thus, your offering of "a combination of small govt cuts, small govt cuts to entitlements AND and small tax increase like a VAT and all of a sudden the USA doesn't have a fiscal problem" may seem like it'd work on a comparative small-time debt of 84%...

...but "small" ain't gonna make a dent in a 376% mountain of debt that's rising exponentially higher virtually by the day.

Your other offering of lying American politicians and Americans who believe them seems to imply that not only do Canadians politicians not lie, even if they did Canadians are more practical than Americans in that they wouldn't believe 'em...

...I doubt that suggestion just as much.

That's all...
 
eyer said:
That's right...

...Canada's debt to GDP ratio is 84% (as I posted).

And using that same "apple" comparison, America's total debt is 376% of GDP ($56.4 trillion in debt, $15 trillion GDP)...

...and that still does not include massive amounts of unfunded liabilities.

Do you understand just the annual interest payment on American debt is two and half times the amount of Canada's entire GDP?

Thus, your offering of "a combination of small govt cuts, small govt cuts to entitlements AND and small tax increase like a VAT and all of a sudden the USA doesn't have a fiscal problem" may seem like it'd work on a comparative small-time debt of 84%...

...but "small" ain't gonna make a dent in a 376% mountain of debt that's rising exponentially higher virtually by the day.

Your other offering of lying American politicians and Americans who believe them seems to imply that not only do Canadians politicians not lie, even if they did Canadians are more practical than Americans in that they wouldn't believe 'em...

...I doubt that suggestion just as much.

That's all...
Click to expand...

You act like the economy isn't 10 times bigger. Just saying, we did it in the 90's
 
eyer said:
“Here’s the bottom line. If you take the total liabilities of the United States – public debt, unfunded pensions, retiree health care, under funding with regard to social security, with regard to medicare, a range of commitments and contingencies – as of September 30 2010 we would have had to have had $61.6 trillion dollars in the bank in order to be able to defease those obligations.”

Former head of the Government Accountability Office and Comptroller General of the United States, David Walker has issued a stark warning following the compromise deal to raise the debt ceiling.

“We are less than three years away from where Greece had its debt crisis as to where they were from debt to GDP,” Walker highlighted in an interview with CNBC earlier today.

Greece’s ratio of debt to GDP has surpassed 100% and is heading towards 150%, a factor that has meant without bailouts from the EU and the IMF, the country would have defaulted.

The US is now nearing the same 100% margin with GDP growth floundering below 1%.

Regarding fixing the problem long term , Walker urged, “let me give you the bumper sticker, it’s ‘Limited government, individual liberty, fiscal responsibility’”.

http://www.infowars.com/former-comp...and-very-painful-economic-collapse-is-coming/
Click to expand...

Dude, ain't you learned yet to ignore Infowars? It's rotting your brain. A drug habit would do you less damage.
 
Why worry about it, we can just print some fresh new money to pay off that debt:eek:wait what:confused:



eyer said:
“Here’s the bottom line. If you take the total liabilities of the United States – public debt, unfunded pensions, retiree health care, under funding with regard to social security, with regard to medicare, a range of commitments and contingencies – as of September 30 2010 we would have had to have had $61.6 trillion dollars in the bank in order to be able to defease those obligations.”

Former head of the Government Accountability Office and Comptroller General of the United States, David Walker has issued a stark warning following the compromise deal to raise the debt ceiling.

“We are less than three years away from where Greece had its debt crisis as to where they were from debt to GDP,” Walker highlighted in an interview with CNBC earlier today.

Greece’s ratio of debt to GDP has surpassed 100% and is heading towards 150%, a factor that has meant without bailouts from the EU and the IMF, the country would have defaulted.

The US is now nearing the same 100% margin with GDP growth floundering below 1%.

Regarding fixing the problem long term , Walker urged, “let me give you the bumper sticker, it’s ‘Limited government, individual liberty, fiscal responsibility’”.

http://www.infowars.com/former-comp...and-very-painful-economic-collapse-is-coming/
Click to expand...
 
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