We are so screwed. I mean, gigantically screwed. Bent over the desk and rammed home by an elephant.
Wow. That is some REALLY over the top imagery. What gives with that? What has me soooo pessimistic?
- National Debt
- Health Care system takeover
- Out of control congress.
- Out of control bureaucracy
- Too damn many lawyers
- Out of control Lobbyists
- Out of control Defense Contractors
- Lack of an adversarial, objective press
- Out of control educational special interests
- Apathetic and under educated populace
Now, I will submit that the last item is primary cause of all the rest. IMHO at least.
NATIONAL DEBT
I don’t know about you, but $12,000,000,000,000 seems like a shit pot of money to me. What exactly do you get for that kind of money? I ain’t seeing a whole lot. To be that much in debt CANNOT be good. Especially when you consider that the 2009 estimated GDP for the United States is only (God, I never thought I’d use THAT phrase before) 14 TRILLION dollars.
In other words we are in hock for about 85% of what we made last year. That’s not what the Government made, thats what the ENTIRE COUNTRY made. Am I the only one who sees a problem with this?
This site describes this stuff better than I, so I’m just going to repost what they’ve already said
(Defeat the Debt http://defeatthedebt.com/ various pages accessed 1/2/10)
“We talk a lot about our federal deficit and our national debt, and it’s important to understand the difference between the two words.
The deficit is the difference between how much the federal government spends and how much it collects in one year. If the government “earns” $2 trillion in taxes in one year, but spends $3 trillion, that’s a deficit of $1 trillion. In order to pay for the difference, the government has to borrow money from itself, American citizens, foreign countries, and other sources.
The federal budget deficit for 2009 was a record-breaking $1.42 trillion.
The national debt, on the other hand, is the total amount we owe. Every year that we borrow more money, the debt grows larger.
The difference between the deficit and the debt is especially important because when politicians talk about reducing the deficit, all that really means is that our debt isn’t growing as fast. It does not mean we’re getting out of debt.
In more personal terms: If you have an income of $50,000 per year, and you spend $60,000, that’s a deficit of $10,000. You would need to borrow that $10,000 from someone, maybe with a credit card or a home equity loan. If you reduce your spending the following year, to $55,000, you have “halved the deficit”, but you’re still spending $5,000 more than you’re earning, and going further and further into debt. After two years, despite halving your “deficit spending,” you’re $15,000 in debt .”
And
“Our national debt is more than $12,147,478,386,030.78.
That is how much the United States has borrowed, and how much we have to pay interest on. To put $12 trillion in perspective, our national debt is larger than the total economies of China, the United Kingdom, and Australia combined.
The combined gross domestic products of China, the United Kingdom, and Australia, as estimated by the International Monetary Fund in 2008, are $10.89 trillion.
And under current policies, our national debt will continue to grow by hundreds of billions every year.
According to the Congressional Budget Office and the Office of Management and Budget, our national debt will grow an additional $9 trillion over the next decade, to more than $20 trillion.
During that time, the United States will accumulate $2.5 billion in new debt each and every day. That’s $1.72 million per minute, for the next ten years.
Using the projected addition to national debt based on the August 2009 Mid-Session Review Budget of the U.S. Government, we find that the United States government will accumulate an average of approximately $905.1 billion of debt per year for the next ten years. [9,051,000,000,000 / 10 = 905,100,000,000 (per year)] That means that every day, the government will accumulate an average of $2,478,079,632.02 in additional debt. [905.1 billion / 365.2425 = $2,478,079,632.02 (approx. $2.5 billion per day)].Accordingly, more than $100 million of debt is being accumulated every hour. [$2,478,079,632.02 / (24 hours) = $103,253,318] And every minute, the U.S. government accumulates approximately $1.72 million in additional debt. [$103,253,318 / (60 minutes) = $1,720,888] That’s $28,681.48 a second. [$1,720,888 / (60 seconds) = $28,681.48 per second]
- The Treasury Department estimates that our debt to China is approximately $776.4 billion, having grown more than $240 billion in the last year. That is more than $10,000 in debt for the average American working family.
According to the Department of the Treasury and Federal Reserve Board, China held $776,400,000,000 in Treasury securities as of June 2009. http://www.treas.gov/tic/mfh.txt The total estimated population of China was 1,338,612,968 in July 2009. The estimated population of the United States at that time was 307,212,123, according to the US Census Bureau. Therefore, China’s per-capita debt holdings to the United States is $580.00. [Total Securities Debt /Total Chinese Population = $580.00] Each American’s share of that debt is $2,527.24. [Total Securities Debt / Total US Population = $2,527.24] This means that every American owes $580 to 4.36 people in China. [$2,527.24 / $580 = 4.36]. According to the 5th National Census taken in 2000, the average Chinese family size was 3.44 people. [Handbook of World Families, Edited by Bert N. Adams and Jan Trost, pg. 93]. This means that an average Chinese family of 3.44 people is owed about $1,995 USD. [3.44 people x $580 per person = $1995.2] The Bureau of Labor Statistics reports that the American civilian labor force was 154,504,000 in July of 2009. Each working American’s share of that debt is $5,025.11. [Total Securities Debt / Total US work force = $ 5,025.11].
- Over the course of the next decade, the government will borrow approximately $1.72 million every minute. That’s the equivalent of 5,733 flat screen HDTVs it cannot afford.
Assuming that the rate of debt accumulation is constant, the U.S. government will accumulate approximately $1.72 million in additional debt every minute. According to a major electronics retail chain, a 26 inch LCD HDTV costs about $300.00 ($299.99) which adds up to 5,701 TVs for the $1.71 million of new debt per minute. [$1,720,000 / $299.99 = 5,733]
- From 2010 to 2019, the Congressional Budget Office and the Office of Management and Budget estimate the cumulative deficit will be $9 trillion. This means that over the next decade $9 trillion will be added to our existing national debt, creating a total debt of more than $20 trillion.
- According to the August OMB report, this year’s projected deficit alone is almost $1.58 trillion (11.2% of GDP). Next year’s deficit is projected to be $1.5 trillion (10.4% of GDP). These are the largest deficits relative to GDP since 1945.
- From 2008 to 2009, public debt rose from 41% of GDP to 56% of GDP–about $8 trillion). According to the March CBO report, under current policy, public debt will rise to 82% of GDP by 2019, equaling approximately $17 trillion.
- About $4 trillion of the total debt is money that the government has borrowed from itself, by writing IOUs for huge sums taken from Social Security and Medicare surpluses.
- In July of 2009, the United States paid more than $19 billion in interest on the public debt [$19,812,486,187.83, Office of the Public Debt]. In 2009, according to the CBO, $177 billion of taxpayer funds will be used just to pay interest on the debt—not to pay off the debt, just to pay interest on it.
- Every American worker’s share of the national debt is more than $75,000.
The Bureau of Labor Statistics reports that the American civilian labor force was 154,504,000 in July 2009. Each of these U.S. workers’ share of the $12 trillion national debt is $77,667.89.
- According to the Department of the Treasury, foreign holders of our national debt are owed a combined total of about $3.3 trillion.
- As reported by the Treasury Department, the top ten countries and entities holding U.S. debt are: China, Japan, the United Kingdom, Oil Exporters, Caribbean Banking Centers, Brazil, Russia, Luxembourg, Hong Kong, and Taiwan.”
Do you have $77,667.89 laying around? I don’t. And if I did, I surely wouldn’t want it going to the government.
Does that not WORRY THE SHIT OUT OF YOU? IT SHOULD SCARE THE HELL OUT OF YOU.
And it makes sense to take on AN ADDITIONAL Trillion dollars of debt? That’s what the health care is ESTIMATED to cost. I emphasize estimated, because I want to call attention to the FACT that the government has a LOUSY history of correctly estimating costs of things.
Medicare and Medicaid were established in 1965 – they’ve had 44 years to get it right; they are broke.
Medicare was supposed (i.e. the Govt ESTIMATED it) to cost $9,000,000,000 – to date, it has cost more than $67,000,000,000. Thats like 740% OVER BUDGET. Are you feeling worried YET?
Now, how many of you have read everything so far? If you have, GOOD FOR YOU! I mean it, I’m not being sarcastic. It means and shows that you may actually care about what is going on. Most people will not make the effort to dig and find out.
I am worried. So many people who know about this stuff have NO idea what might happen. Buffet says we are in uncharted territory. We CANNOT sustain this level of debt. So what happens when the bill comes due? Beats me, but it CANNOT BE GOOD.
And what is our vaunted congress doing about it? NOT A GOD DAMNED THING! No, they are more interested in doing things that will incur MORE unsustainable debt and getting their faces and names in print.
Consider
- With everything else going on, congress decides that it needs to worry about steroid use in baseball
http://www.npr.org/templates/story/story.php?storyId=4540278(Accessed 1/2/10)
- During the time in which they were looking into health care reform, the critters felt the need to reform college football season, by mandating a playoff system (I am NOT kidding you)
http://www.govtrack.us/congress/bill.xpd?bill=h111-390 (Accessed 1/2/10)
And some others, courtesy of http://www.stupidvotes.com/ (Accessed 1/2/10)
- House Resolution 298: Congratulating the on-premise sign industry for its contributions to the success of small businesses.
- Senate Resolution 67: A resolution expressing the sense of the Senate that providing breakfast in schools through the national school breakfast program has a positive impact on the lives and classroom performance of low-income children.
- House Resolution 210: Expressing the sense of the House of Representatives that providing breakfast in schools through the National School Breakfast Program has a positive impact on classroom performance.
- House Resolution 154: Honoring John D. Dingell for holding the record as the longest serving member of the House of Representatives. (Not an accomplishment that I’D be willing to admit to)
- House Resolution 60: Recognizing and commending University of Oklahoma quarterback Sam Bradford for winning the 2008 Heisman Trophy and for his academic and athletic accomplishments.
And my favorite,
- S.Res.94: A resolution designating April 2009 as Financial Literacy Month.
That one is priceless! If there is one thing that the senate of the United States is NOT competent to comment on, it is financial literacy.
So what we have here is a shit pot of money going out, not nearly as much coming in, and a bunch of congress critters who don’t seem to see a problem.
Damn. We are SOOOOO Screwed.