{"id":12785,"date":"2013-08-17T14:37:25","date_gmt":"2013-08-17T18:37:25","guid":{"rendered":"http:\/\/angry.net\/blog2\/?p=12785"},"modified":"2020-11-12T05:56:50","modified_gmt":"2020-11-12T10:56:50","slug":"just-how-broke-are-we","status":"publish","type":"post","link":"https:\/\/angry.net\/blog2\/?p=12785","title":{"rendered":"Just how broke are we?"},"content":{"rendered":"

Good day all. As you know, unless you live under a rock somewhere in outer Mongolia, the United States National Debt is around $17 Trillion dollars. The debt skyrocketed under GW Bush and under Obama has exploded the debt to the levels we see now.<\/p>\n

<\/p>\n

$17 Trillion dollars. How the heck are we going to pay that off? Well, I wouldn\u2019t worry to much, because an Economic professor says it\u2019s a lot higher then that. How much higher? Try $70 Trillion dollars! Here are some of the details from Fox News<\/a>:<\/p>\n

The federal government has been low-balling the public for years on how much debt it actually has, a University of California, San Diego economics professor says, adding that the real amount is $70 trillion \u2013 not $16.9 trillion.<\/p>\n

James Hamilton’s claim the United States is in a much deeper financial hole than many realize comes as Congress gets ready for another budget battle when lawmakers return in September. Both sides have been digging in on their policy positions over the debt, spending and the country’s future fiscal health.<\/p>\n

Hamilton believes the government is miscalculating what it owes by leaving out certain unfunded liabilities that include government loan guarantees, deposit insurance, and actions taken by the Federal Reserve as well as the cost of other government trust funds. Factoring in those figures brings the total amount the government owes to a staggering $70 trillion, he says.<\/p><\/blockquote>\n

Well, I hope you recovered quickly from your heart attack and stroke after reading that. I, for one, am not at all surprised at that level of debt. The way the Federal Government keeps it\u2019s books would get anyone else a lengthy stay in Club Fed. The Congress and the President, going back who knows how long, have been perpetrating a massive fraud on the taxpayers of America. So, what is running up the dent in Professor Hamilton\u2019s opinion?<\/p>\n

Hamilton believes important areas of federal off-balance-sheet commitments include loans for post-high school education, the Federal Deposit Insurance Corporation and the Federal Reserve System.<\/p>\n

\u201cThe biggest off-balance-sheet liabilities come from recognition of the fiscal stress that will come in the form of an aging population and rising medical expenditures,\u201d Hamilton says, adding, \u201cIt is worth noting that there are many historical episodes in which off-balance sheet liabilities ended up having quite significant on-balance sheet implications.\u201d<\/p><\/blockquote>\n

Congress and the president du jour have been notorious for cooking the books, going back at least a century. It\u2019s probably gotten worse since the Roosevelt Administration with his \u201cNew Deal\u201d fiasco and having to deal with World War Two.<\/p>\n

\u201cLosses at these institutions ended up dwarfing the capabilities of the now-defunct Federal Savings and Loan Insurance Corporation to honor its promise to guarantee depositors,\u201d he says.<\/p>\n

The final on-balance-sheet cost to taxpayers honoring those guarantees came out to $124 billion<\/p><\/blockquote>\n

For those of you who don\u2019t remember that disaster, one of the people up to his neck in the Savings and Loan mess was Senator John McCain. He escaped expulsion from the senate and criminal prosecution by the skin of his teeth. Mores the pity. If he had been kicked out, he wouldn\u2019t be trying to suck up to the Muslim Brotherhood right now instead of calling for them to be carpet bombed.<\/p>\n

Boston economists Laurence Kotlikoff and Scott Burns warned in a 2008 Forbes article about what could happen if the government doesn\u2019t curb its spending.<\/p>\n

\u201cThe earthquake will come via a collapse in the market for U.S. government bonds as domestic and foreign investors realize that the only way Uncle Sam can meet his future spending obligations is to print massive quantities of money,\u201d they said. \u201cThe result will be sky-high inflation and interest rates and, most surely, a prolonged reduction in output and employment. This could happen today. It could happen tomorrow. But it will happen here just as it has happened in every other country that tried to spend far beyond its ability to pay.\u201d<\/p><\/blockquote>\n

Well guess what the Fed is doing right now? They call it Quantitative Easing. Everyone else calls it printing more money. Of course, Obama, the Progressive Liberal Democrats and not a few RINO\u2019s don\u2019t see an issue. As long as they can keep their fat asses in those congressional seats, and get all those special privileges, they don\u2019t care what happens to the rest of us. Eventually, as the late former Prime Minister of Great Britain once said, \u201cEventually, you run out of other people\u2019s money. We are now at that point. The Treasury is already starting to have problems selling bonds. Soon, they will have no choice but to jack up the rates, or go the way of Greece and default on the debt. When that happens, kiss the United States goodbye.<\/p>\n

\"double-facepalm\"<\/a><\/p>\n

Thatisall<\/p>\n

~The Angry Webmaster~<\/b><\/i><\/p>\n\"1\"2\"3\"4\"5 (1<\/strong> votes, average: 1.00<\/strong> out of 5)
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Good day all. As you know, unless you live under a rock somewhere in outer Mongolia, the United States National Debt is around $17 Trillion dollars. The debt skyrocketed under GW Bush and under Obama has exploded the debt to the levels we see now. Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":10717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3,176,8,115],"tags":[11,15,24,34,64],"class_list":["post-12785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crime","category-economy","category-politics","category-stupidity-crime","tag-america","tag-incompetence","tag-socialism","tag-stupidity","tag-taxes"],"views":841,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2013\/01\/man-with-head-in-the-ground.jpg?fit=256%2C171&ssl=1","jetpack-related-posts":[{"id":10536,"url":"https:\/\/angry.net\/blog2\/?p=10536","url_meta":{"origin":12785,"position":0},"title":"Let\u2019s mint a $1 trillion coin!","author":"Angry Webmaster","date":"January 9, 2013","format":false,"excerpt":"Good day all. With all the news regarding King Putz\u2019s plan to suppress the Second Amendment, this little tidbit of idiocy sort of slipped in under the radar. As anyone with a modicum of common sense knows, (Which lets out anyone who voted for Il Douche), the United States is\u2026","rel":"","context":"In "Moonbat"","block_context":{"text":"Moonbat","link":"https:\/\/angry.net\/blog2\/?cat=100"},"img":{"alt_text":"Obama truth","src":"https:\/\/i0.wp.com\/angry.net\/blog2\/wp-content\/uploads\/2012\/09\/Obama-truth-150x150.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":233,"url":"https:\/\/angry.net\/blog2\/?p=233","url_meta":{"origin":12785,"position":1},"title":"Obama ROCKETS America into the poor house","author":"Angry Webmaster","date":"July 20, 2009","format":false,"excerpt":"I was reading the Fox News web site when I saw this headline: Watchdog: Financial Bailout Support Could Reach $23.7 Trillion The total price tag for federal support stemming from the financial crisis could reach $23.7 trillion in the long run, the government's top bailout watchdog says in a new\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/angry.net\/blog2\/?cat=32"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4206,"url":"https:\/\/angry.net\/blog2\/?p=4206","url_meta":{"origin":12785,"position":2},"title":"How quickly things change…","author":"Angry Webmaster","date":"July 10, 2011","format":false,"excerpt":"Yesterday I posted about the Democrats cunning plan to save America by jacking people\u2019s taxes through the roof and spending like there\u2019s no tomorrow.","rel":"","context":"In "News of the Day"","block_context":{"text":"News of the Day","link":"https:\/\/angry.net\/blog2\/?cat=71"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":40470,"url":"https:\/\/angry.net\/blog2\/?p=40470","url_meta":{"origin":12785,"position":3},"title":"Dementia Joe wants to raise $3 trillion dollars in new taxes","author":"Angry Webmaster","date":"June 1, 2023","format":false,"excerpt":"There is one thing that Joe Biden is always ready to do, besides take bribes, sniff hair and paw 12 year old girls, is raise taxes. 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