How much do YOU owe the gov't now?

[NeoConMan]

Leap in U.S. debt hits taxpayers with 12% more red ink

 

http://www.usatoday.com/news/washington/2009-05-28-debt_N.htm

 

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.

 

 

 

 

 

Hope and change my ***...

46 cents of every dollar spent by the government now is borrowed, and even China has stopped lending.

 

Paying a negotiated/lowered interest rate on mushrooming debt is for college kids and idiots.

Now it's a new fiscal policy for what used to be the Greatest Nation on Earth.

 

 

Please note this is taken from a lame-*** mainstream media outlet - not a Right Wing extremist source.

It must be true, eh?

[The Mick]

Only problem with this is that your still trying to blame Obama for it all. With the Hope and change my ***... comment.

This started a long time ago. Eye wander what a Rep pres would have done that would have been any better ?

[Bluemoon]

Neo,

 

You spend a lot of time berating Homz for baiting people into fights/debates. How are your incessant postings of Obama-related criticisms any different?

 

Give it a rest. You've made your point. We all know where you stand. Your are becoming a bore.

[AXE®]

Anyone remember when Uncle Neo was funny and fun.

It seem a fading memory.

 

And totally monotonous.

[RichCI]

Hope and change my ***...

46 cents of every dollar spent by the government now is borrowed' date=' and even China has stpped lending.

 

Paying a negotiated/lowered interest rate on mushrooming debt is for college kids and idiots.

Now it's a new fiscal policy for what used to be the Greatest Nation on Earth.[/b']

 

 

Please note this is taken from a lame-*** mainstream media outlet - not a Right Wing extremist source.

It must be true, eh?

 

The answer you seek is right here:

 

The 12% rise in red ink in 2008 stems from an explosion of federal borrowing during the recession' date=' 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.[/quote']

 

That'd be GWB.

[Bluemoon]

Anyone remember when Uncle Neo was funny and fun.

It seem a fading memory.

 

And totally monotonous.

 

I did. That was before the election.

[tulsaslim]

Well the solution is obvious, isn't it? Do away with Social Security, Medicare, Retirement benefits, and Veteran's benefits.

 

Then we would all live in the perfect Neo Con world.

[TheLiveSoundGuy]

$1,456,767,654,999,832,075,123,893,909,701,553,546,888,261,753,704.03

 

Collect that biatch!

[AXE®]

[NeoConMan]

You spend a lot of time berating Homz for baiting people into fights/debates.

Homz starts easily 20 times as many threads as I do - how many even mention a guitar?

 

 

 

 

How are your incessant postings of Obama-related criticisms any different?

A Homz thread is seldom nothing more than bullsh!t bait' date=' this is the real world, with real costs.

 

Ignore it if you wish....

 

Do a little homework, see how many political threads I start.

If I irritate you so thoroughly that it [i']seems[/i] like more, then we both know where we stand, eh?

 

 

 

 

Give it a rest.

CLICK ELSEWHERE.

 

 

You've made your point.

Not yet.

I listened to endless Bush-bashing for 8 years' date=' it continues unabated.

I will show the Defeatocrat party the same respect they showed me, I learned from the best, eh?

Gonna be a long 4 years guys....

 

 

We all know where you stand.

No, I don't think you do.

The replies I get from people here (including you) seem to indicate a substantial lack of understanding.

If you aren't pissed about the rampant spending, borrowing what cannot be repaid, and corporate piracy, you are OBVIOUSLY ill-informed or simply unable to comprehend the gravity of it all.

It will get much worse too, just listen to their own words - and remember what they told you to get your vote.

 

 

Your are becoming a bore.

If that's the worst of it, I'll continue on with a smile....

:-)

[NeoConMan]

Do away with Social Security' date=' Medicare, Retirement benefits, and Veteran's benefits.[/quote']

Keep the Vet benefits - they earned it, and much more.

 

 

Social Security, Medicare, Retirement benefits?

Why does the gov't pay people to retire?

Give THAT money to the veterans as well.

 

If you're too old to support yourself and saved nothing, move in with your kids.

That's what EVERY civilization has done before now.

 

That won't work for you?

Go to your church for help.

THAT'S where charity should come from, not Washington DC.

 

 

Then we would all live in the perfect Neo Con world.

[NeoConMan]

Only problem with this is that your still trying to blame Obama for it all. With the Hope and change my ***... comment.

This started a long time ago. Eye wander what a Rep pres would have done that would have been any better ?

Bush fxcked up a lot of things related to spending' date=' and believe me, NOBODY was more pissed about it than ME.

 

So how do we fix it?

 

OBAMA and the Nationalized Splurge Fest!

 

Yeah, THAT will fix it!

Destroy the economy for sure, and create a Munchausen Syndrome Administration within the Presidency and Congress.

 

(Look it up.)

 

 

Any other comments?

[The Mick]

Bush fxcked up a lot of things related to spending' date=' and believe me, NOBODY was more pissed about it than ME.

 

So how do we fix it?

 

OBAMA and the Nationalized Splurge Fest!

 

Yeah, THAT will fix it!

Destroy the economy for sure, and create a Munchausen Syndrome Administration within the Presidency and Congress.

 

(Look it up.)

 

 

Any other comments?

 

 

 

Ya you still haven't come up with what the Rep would have done different ?

[KSG_Standard]

Not yet.

I listened to endless Bush-bashing for 8 years' date=' it continues unabated.

I will show the Defeatocrat party the same respect they showed me, I learned from the best, eh?

Gonna be a long 4 years guys....

[/quote']

 

:- =D> =D> =D> =D>

[max2343]

HTF-Cares Are fearless Leader said "We are out of Money"

 

Once again HTF-Cares. You think you can Do something about-it,

 

Hell no.

 

It's like Ranting and Raving about the Weather:-({|=

 

 

Do what you can for yourself and Stash away "Cash"

 

If you Can and Keep your Guns "Close"

[NeoConMan]

Ya you still haven't come up with what the Rep would have done different ?

Name ONE who would fire the head of GM.

Name ONE who would work to acquire a 70% ownership of that same company.

Name ONE who would have said ANY corporation in America is "too big to fail" or any such foolishness.

 

Name ONE who would increase spending several times over then tell the public 95% would pay lower taxes.

 

You're in a dreamworld for sure.

 

Republicans have lost their way, but most have not lost their minds.

[NeoConMan]

Do what you can for yourself and Stash away "Cash"

 

If you Can and Keep your Guns "Close"

Done.

 

:-

[max2343]

We are Back in 1933 and this is the only Difference

 

 

And that they will not admit anything about that we are in a "Depression"

[Bluemoon]

Neo,

 

You make me laugh. Your arrogance and narcissistic tenancies are off the charts. Man, what happened to you as a child?

[The Mick]

Name ONE who would fire the head of GM.

Name ONE who would work to acquire a 70% ownership of that same company.

Name ONE who would have said ANY corporation in America is "too big to fail" or any such foolishness.

 

Name ONE who would increase spending several times over then tell the public 95% would pay lower taxes.

 

You're in a dreamworld for sure.

 

Republicans have lost their way' date=' but most have not lost their minds.

 

 

[/quote']

 

There all the F'n same the dream world is yours. Had they won they would be doing the exact same thing as is being done now. And the Dems would be pissing and moaning about it. They sure thought the banks were to big to fail Just give them billions with no strings attached. Your too concerned about playing sides. As if the whole world is a checkers game.

[The Mick]

We are Back in 1933 and this is the only Difference

 

 

And that they will not admit anything about that we are in a "Depression"

 

The Rep's wouldn't even say we were in a resession let alone a depression.

" The fundamentals of the economy are strong" remember that.

[max2343]

Man nobody has lost their Minds, Exept the Followers. "The Sheep"

 

The Sheep are lead by the Wolves.

 

The Wolves and Eating up everything for just about Nothing.

 

The Wolves Turned Everything into "Worthless-ness"

 

What was once " A Diamond " is now "A Piece of Glass"

 

 

Billionaires are Born out of these kinda Times.

 

Watch and see when everything Bounces Back

 

Who will be selling at a "Huge Profit"

 

Ever wish you could Create a "Time Machine" and go back in time and

 

buy a **** load a Bill Gates Stock when it first came out.

 

Well the Wolves Figured out How to recreate that without a Time Machine.

 

Cause that Time, back in Time, Is now.

[Homz]

 

I did. That was before the election.

 

I'm totally wack on ambian I am thereask blumoon please wagcheddc my a c

[KSG_Standard]

Obonga and his dream team GAVE 55% of Chrysler to the UAW, the remainder of the company goes to Fiat, Canada and the US Taxpayers. Who actually paid for this plan? Not the UAW or Fiat, the taxpayers of Canada and the US paid for it and Obonga just gave it all away to the UAW and Fiat. The LEGAL owners of the company (e.g., the secured bondholders) which included the retirement funds of Indiana Teachers, Police and Fire Men got NOTHING...Their LEGAL and BINDING contracts were ignored, and torn up by the Obonga team...I'll bet that eventually this ends up in the Supreme Court, where it will be ruled unconstitutional...but it will be too late by then. I can hardly wait to see what happens with GM.

 

Government bailing out ANY private or publicly traded company is stupid, wrong and anathema to free market capitalism...I was against Bush's bailout of the financial industry and I am against Obonga's bailout and takeover of the auto industry. After Obonga told us that Chrysler and GM were too big to be allowed to fail, and that we MUST bail them out, they went bankrupt anyway...after taking BILLIONS in taxpayer money.

 

Funny thing...William Durant (the founder of GM) was a leading builder of "Horseless carriages" and his company went bankrupt because of the advent and availability of the new automobiles....The gov't didn't bail him out, or save the jobs of the carriage makers, they went bankrupt and he started over with GM. Capitalism has been described as "creative destruction", it used to be considered by MOST Americans as the best economic system. It allows for the MOST freedom for ALL people. I miss it very much. I want FREEDOM and the right to fail or succeed without gov't intervention. "Any society that would give up a little liberty to gain a little security will deserve neither and lose both." Benjamin Franklin

 

The notion of creative destruction is found in the writings of Mikhail Bakunin,[1] Friedrich Nietzsche, and in Werner Sombart's Krieg und Kapitalismus (War and Capitalism) (1913, p. 207), where he wrote: "again out of destruction a new spirit of creativity arises". In Capitalism, Socialism and Democracy, the Austrian economist Joseph Schumpeter popularized and used the term to describe the process of transformation that accompanies radical innovation.[2] In Schumpeter's vision of capitalism, innovative entry by entrepreneurs was the force that sustained long-term economic growth, even as it destroyed the value of established companies that enjoyed some degree of monopoly power. http://en.wikipedia.org/wiki/Creative_destruction

 

Capitalism is an economic system in which wealth, and the means of producing wealth, are privately owned.[1][2] Through capitalism, the land, labor, and capital are owned, operated, and traded for the purpose of generating profits, without force or fraud, by private individuals either singly or jointly,[3][4] and investments, distribution, income, production, pricing and supply of goods, commodities and services are determined by voluntary private decision in a market economy.[5] A distinguishing feature of capitalism is that each person owns his or her own labor and therefore is allowed to sell the use of it to employers.[3][6] In a "capitalist state", private rights and property relations are protected by the rule of law of a limited regulatory framework.[7][8] In the modern capitalist state, legislative action is confined to defining and enforcing the basic rules of the market,[7][8] though the state may provide some public goods and infrastructure.[9] http://en.wikipedia.org/wiki/Capitalism

 

Socialism refers to any one of various economic theories of economic organization advocating state or cooperative ownership and administration of the means of production and distribution of goods, and a society characterized by equal opportunities/means for all individuals with a more egalitarian method of compensation based on the full product of the laborer.[1][2] Modern socialism originated in the late 19th-century intellectual and working class political movement that criticized the effects of industrialization and private ownership on society. Karl Marx posited that socialism would be achieved via class struggle and a proletarian revolution, and would be a transitional stage between capitalism and communism (a state involving the disappearance of class and therefore the state).[3][4] http://en.wikipedia.org/wiki/Socialism

 

Fascism comprises a radical and authoritarian nationalist political ideology[1][2][3][4] and a corporatist economic ideology.[5] Fascists advocate the creation of a single-party state.[6] Fascists believe that nations and/or races are in perpetual conflict whereby only the strong can survive by being healthy, vital, and by asserting themselves in combat against the weak.[7] Fascist governments forbid and suppress criticism and opposition to the government and the fascist movement.[8] Fascism opposes class conflict, blames capitalist liberal democracies for its creation and communists for exploiting the concept.[9] In the economic sphere, many fascist leaders have claimed to support a "Third Way" in economic policy, which they believed superior to both the rampant individualism of unrestrained capitalism and the severe control of state communism.[10][11] This was to be achieved by a form of government control over business and labor (called "the corporate state" by Mussolini)[12][13]No common and concise definition exists for fascism and historians and political scientists disagree on what should be in any concise definition.[14] http://en.wikipedia.org/wiki/Fascism

[The Mick]

Eye don't know why Eye keep getting into this. It's completely futile. Suppose Eye like a worm as much as the next sucker fish.