America's Balance Due - $43 trillion. We are BANKRUPT

[iconoclastNYC]

U.S. News and World Report:

The Republicans have squandered the huge budget surplus they inherited by spending not just on guns and butter but on guns, butter, and tax cuts. Because of government obfuscation, most Americans don't realize the deep fiscal hole we're in--and the fact that we're still busy digging. As David Walker, the head of the nonpartisan Government Accountability Office, pointed out, "The federal government's obligations, current liabilities, and unfunded fiscal commitments are over $43 trillion and rising. . . . Yes, that's trillions with 12 zeros rather than billions with nine zeros."

The estimated net worth of American families is slightly over $47 trillion, and nearly all of it--90 per-cent--would be needed to cover government's current obligations. And don't think we can grow our way out of this hole. According to the GAO, it would take real double-digit growth over the next 75 years to pay off our current debt--an impossible task, considering that the growth rate during the 1990s boom years averaged just 3.2 percent.

Not only are the Republicans bankrupting the country, in the process the are shifting the tax burden from those most able to pay — the top 1%, to those least able to pay — middle and lower class wager earners.

Meanwhile the corporate elite are shipping off our factory jobs to China, off shoring white-collar "back office" jobs to India, selling off profitable U.S. businesses to the highest foreign bidder, and setting up off-shore tax shelters to avoid paying U.S. taxes on the proceeds.

Republicans and DLC Dem politicians, corporate campaign donations in hand, dutifully ignore the warning signs and distract us with hymns on "free-market" omniscience and laissez-faire economic omnipotence.

Our countries long-term economic prospects are lousy, our political system is broken and the Republican Party is systematically destroying the mechanisms that prevent totalitarian Fascistic governance.

We need to wake up our fellow citizens to the grave threat our country faces. We must educate them and get them activated. And that means more than just voting.

We have to fix the Democratic Party by overwhelming the corporate influence that dominates it (the DLC.)

We need to pass campaign and election reform, breaks up the media monopolies, and pass a New Deal effort to save the American middle class.

This is not about blue state or red states. This is about whether America will choose to remain ignorant of how our country is being rape and pillaged by an elite that has strangled American democracy for their exclusive ends. If our leaders were talking about the REAL issues gay marriage or abortion wouldn’t seems so important to so many people.

When the people lead the leaders will follow.

[Greyhound]

1. "Those that do not know history..."

[AuntiBush]

30. Exactly!

History is repeating itself here, and if more people understood what caused the French Revolution, the build-up of the Industrial era in Europe, to what led us into WWI and II, along with Social Darwinism, Nationism like the Nazi regime, and paid attention more rather then the "oh, it hasn't happened to me" mentality, maybe they'd be more awaken to whats going on.

But where I stand, people do know and are seriously fed-up. That includes Democrats, Republicans, Libertarians, you name it. I have repeated this many times out here till fingers turn blue that people I have met, neighbors, passing folks while out grocery shopping - whatever, all seem to gravitate to me while I stand quite in line and begin talking about how fed-up they are with Bush, Cheney (think of all the croonies) and especially the Republicans in Congress.

I kid you not. What's most interesting is how Republican voters feel the need to always say "And, I'm a Republican." Yet, they never ask my party affiliation.

People have been fed-up by my personal account since Nov 2004 and I'm talking several counties with many miles in-between.

[Avalux]

2. When will people GET it???

Those in power don't care about us or the country. They have the $$$ and bankrupting the US makes them richer and puts us where we belong - in the gutter to be treated like animals. That's how they want it because we're easier to control that way. They are crushing the middle class because it serves their purposes.

[Cassandra]

15. You can hear from the repub callers on C-Span...

that they're starting to wake up to the problem, even if they're not sure why it's happening or what to do about it. The Dem callers already understand, although they may not know how complicit the DLC is. I'm hearing every day now that the callers' incomes are falling, they're worried about their childrens' futures, there are no jobs where they are.

[file83]

36. Not to mention - this $43 tril was never meant to be paid back - why

do people think the Corporate interests are trying to bankrupt our country? So they can cut it up into sections and sell it off, piece by piece to the highest bidders. Then, once our government has folded, the New World Order (Global Government) plans can kick into high gear.

Why do people think DynCorp is going to become New Orleans' new police force?

Why do people think pilot programs of selling our transportation infrastructure to foreign owned corporations are being set up?

Because the future of this country is Corporations - they are planning for our government to fold. It's all part of the bigger plan.

[APPLE314]

3. PRINT UP $43,000,000,000,000.00 AND PAY THE BILL N/T

[Cassandra]

16. Trust me, you don't want...

to live under hyperinflation.

[Golden Raisin]

21. Hyperinflation

was a big part of the complex series of conditions in Germany in the late 1920's and early 1930's that aided Hitler's and the Nazi's rise to power. Coincidence that BushCo is bankrupting us? I think not.

[MadHound]

17. Oh yeah, that would be a real good thing to do.

That is if you want to completely destroy the country economically. Inflation would be so high that you would have to haul in a wheelbarrow full of hundred dollar bills just to buy a loaf of bread. Oh, and the US credit rating, along with US investments and Tbills would be worthless, thus reducing most people, especially our senior citizens, to pauper status.

[Radio_Guy]

22. It is on its way as we speak

Why do you think gold is being advertised hand over fist? Because gold is a great hedge against the coming inflation. We will be in a depression the likes this country has never seen if the same powers that be are in charge the next ten years.

[MadHound]

24. Oh yeah, sadly I know it's on its way

However the fact that it's being done as we speak still doesn't make it the right or smart thing to do. And quite frankly, I don't think even gold will be that great a hedge against inflation this time around. We're headed for an economic crisis that is going to make the Great Depression look like the Roaring Twenties.

Frankly I would suggest that you prepare now while you still can. Move out to the country, raise your own food, burn wood for heat, put up solar panels or a wind turbine for electric, pay down your debt, and become as self sufficient as possible. I'm doing that myself, and I really hope that the shit refrains from hitting the fan for at least a couple more years until I have everything in place.

[BigYawn]

51. Gold is a useless metal except for making jewellery...

It has very limited industrial use, you can't eat it,
it is too weak to make anything useful tool, and if
everyone goes broke, who will have the money to buy it
from you? No buyers, no value for what you hold.

[Zynx]

33. And say hello to 23,000,000% inflation.

1920s Germany here we come!

[wtmusic]

4. Something's wrong with these figures

On average every man, woman, and child in the US is worth $168,000? :shrug:

[BlueEyedSon]

7. sure, just add Bill Gates

[izzybeans]

8. Of course you need to subract by the total net worth of the bombs

and other killing machines built into that deficit and the "average man, woman, and child in the U.S." becomes absolutely devalued.

[iconoclastNYC]

9. It's the wealth disparity

Nation's wealth disparity widens

http://www.usatoday.com/money/economy/fed/2003-01-22-household-study_x.htm

The gaps in wealth between the rich and the poor and between whites and minorities have grown wider, the Federal Reserve said Wednesday in a closely watched report that also showed a broad increase in stock ownership in the USA.

The difference in median net wealth between the 10% of families with the highest incomes and the 20% of families with the lowest incomes jumped 70% from 1998 through 2001, the Fed said in its consumer finances report, which it conducts every three years. The gap between whites and minorities grew 21%.

The wealth gaps between races and income levels had shrunk slightly from 1992 to 1995 but had also risen by double digits in the 1998 report.

[eppur_se_muova]

34. Including all corporate property, sure.

If anything it might be too low.

[wtmusic]

38. They're estimating the net worth of American families nt

[Southsideirish]

5. Bush is too busy fightin' "terrists" to worry about stuff like this!

[izzybeans]

6. Didn't you know ? The surplus was a lie and deficits are great fiscal

policy. :sarcasm: or so says the bankrupt mind of a crackpot freeper.

[Coyote_Bandit]

11. Business school lauds

the many financial advantages of using leverage (debt). So some pukes really do think that is a great idea. They just forget to make a distinction between government and for profit businesses.

[izzybeans]

12. Yes leverage...sometimes the competitive advantage is given to

the creditor. Leverage can only be had when there is some expected/predicable return.

[Coyote_Bandit]

14. True

I have heard pukes argue that the principle of leverage holds in government as well as in private for profit industry even though the expected/predictable return goes to private interests rather than government (as in businessincentives and tax cuts that allegedly spur investment). I always thnk of it as the leverage amendment to the theory of trickle down economics.

[rucky]

19. Yep. They're forgetting that supply & demand are reversed

in the public sector.

When times are good, supply goes up and demand goes down. When times are tough, supply goes down and demand goes up.

Businesses go into debt in anticipation of growth, which is good. If governement grows, that means times are tough.

[flamin lib]

10. K&R

[mattclearing]

13. K&R. n/t

[TreasonousBastard]

18. Sounds good, but...

nothing ever gets done until there's a crisis. Betcha the same sort of warnings were sent out in 1928, and look what happened.

Consumer spending is pumped up by debt and the enormous increases in house values, but that's not gonna keep up for long. Some day soon checks are gonna start bouncing, and we'll see the dollar devalued to virually nothing so they can pay everything off with dirt cheap money. At least those who can get their hands on the dirt cheap money.

Buy gold.

[xxqqqzme]

20. '...that means more than just voting....'

Howard Dean, during the primaries (maybe he still says it) would say if democracy is a life-long study, JUST voting gets you a C-.

[iconoclastNYC]

27. That's a great quote.

Thanks.

[mtnsnake]

23. Yup, we're bankrupt, but Bush is promising poor folks $50 tax cuts this yr

so who cares if we owe $43,000,000,000,000 dollars?

[SpiralHawk]

25. emailing this to all Republicon acquaintances

When they respond with the oxycontin talking point that "debt is good" I will quote the noted philosopher

Ralph Kramden (aka Jackie Gleason)

Hardy har har

But it really isn't funny that the Republicons have put our nation in the crapper

[EVDebs]

26. Argentina, here we come ! And we didn't have to leave home to get there.

[Initech]

28. What pisses me off - the republicans say they're against big spending.

Fuck Rush Limbaugh. Fuck Fox News. Fuck Bill O'Reilly. Fuck these stupid assholes.

[progressoid]

29. And that article is over a year old.

Americans have their collective heads in the sand.

[FULL_METAL_HAT]

31. The administration DOES have an option to escape the debt -- DEFAULT aka

FUCK YOU CHINA!

FUCK YOU WORLD!

WE HAVE THE GUNS!

WE HAVE THE BOMBS!

WHAT ARE YOU GONNA DO ABOUT IT?!!

All my life, I thought this kind of solution was so far beyond what our country stands for, that it would not be something that could be seriously considered.

But the past 5 years have shown me that black is white and up is down.

All bets are off with this administration.

So it would not surprise me (sadly) that they already have drawn up detailed plans for just such an eventuality...

The very worst thing is that this cornered animal in the white house may actually relish the thought of such a default.

As he likes to say: "BRING EM ON!"

[alfredo]

32. kick and recommend

[file83]

35. The Fiscal Abyss...

...43 trillion, isn't that the amount of stars in the known universe or something? :banghead:

[blondeatlast]

37. Damn those tax and spend librulz! This is the issue the RW

can't possibly run away from.

The Dems/liberals have NO power. This one falls squarely on W and his Washington enablers.

[mwooldri]

39. Unfortunately countries can't file for Ch. 7 bankruptcy protection.

Otherwise I'd bet Bush would be signing that paperwork to file for country bankruptcy in no time.

Now, if this continues then I predict in 50 years time the International Monetary Fund will have moved out of Washington DC, and we won't be a G8 country, and we'd either be on our way to a Swedish style economy (high taxes, good services, reasonable debt - but not that dreadfully important in the world - but comfortable nevertheless)... or we'll be in a 3rd world economy and we'll be the ones asking for debt forgiveness in the same way we've forgiven the debts of other 3rd world economies today.

Mark.

[Greyhound]

40. Agreed, but I don't think it will take 50 years, more like 10 - 15.

[iconoclastNYC]

46. Yep.

Look at what happened to Argentia for a glimpse into America's future.

[formercia]

41. Fearless Leader will sell off Federal Lands and other properties

to pay off the debt. By privatizing Federal assets, he will make sure the Federal Government can never be reconstituted to the way it was before he stole the 2000 election.
In the 19th Century, crooked politicians sold off State lands to lumbering interests for a tiny fraction of what it was worth. The State of Maine and other groups have been trying to buy the land back ever since.

[Nomen Tuum]

42. This is what happens when the Rapture Nuts run the country.

90% of Congressional Republicans believe Jesus is going to rapture them in a week or 2, they do not care about the deficit.

This is what happens when the nuts are let out of the loony house. The Republicans aren't just running the country, they're RUINING it too!

[free_belmont]

43. Clinton left the

government with a surplus. Bush came in and stole it.

Not only that, but now we're in the red. Bush and his War Profiteering Family should be put behind bars.

[earth mom]

44. K & R!

[Festivito]

45. So, we owe $145,000 each, and have about $160,000.

Oh, but I forget. We need to lower the amount owed by the richest persons.
So, again, I probably owe more than (on average) ... than I have.

Oh, yeah, that's bankrupt.

[Muddy Waters Guitar]

47. I read it was over $70 trillion

when all the commitments are added together. It's bad enough that our listed debt is "just" $8.4 trillion, but no company in America could get away with the sleight of hand the Feds use to list that number. Any corporation would have to list all its commitments, and in the US, those run up to more than $70 trillion.

In other words, things are gonna start sucking big time in about a decade, because that's when the yields on a big stack of our bonds mature and become due-- mostly to foreign investors and central banks. The interest on this debt alone will likely by unsustainable, but in any case, even under the rosiest scenario our bonds will all be demoted to junk bond status cuz printing money would likely be the only way to deal with the obligations, at least in the short term to a beleaguered politicians.

All you out there-- may, seriously, want to consider getting good at a foreign language of your choice, buy up some land in the European Continent and set up shop there. *Not* Britain-- the pound's in trouble there too with the debt they're carrying, and Britain's tag-along status in our wars is doing that country enormous damage. Not Canada-- too reliant on our own economy. For that matter, seems like the English-speaking countries in general are headed for a rough ride, thanks in large part to George W. Bush's reckless fiscal and foreign policies. Learn some French or Spanish or German, and guard your flank, set up hedges. It could get awfully rough.

[WestSeattle2]

48. American greed will ultimately destroy us......n\t

[Lostnote]

49. A Corporatist/Capitalist will.....

.....sale the rope to hang him/herself with.....

[ihelpu2see]

50. ....Yes, "Let them eat cake.." I believe that is the right quote. eom