Below is one disturbing graph…it shows total federal debt per household, including “off-budget” liabilities, little items such as medicare and social security…
(link here for the full USA Today article)
As the USA Today article notes, the monstrous number for Social Security, Medicare and pensions, are a projection of the “gap” between what’s currently collected for the programs and what’s needed to fund future liabilities. The “official” US debt is $11,374,265,930,605.76 as of June 3, 2009, or about $38,000 per person.
…and, are our civil servants in Washington working feverishly to bring sanity to the situation? To the contrary, the numbers indicate Congress and the Obama administration are apparently of the “spend like a drunken sailor” school of economics. The federal government projects it will spend another $3.9 trillion this fiscal year, and will be borrowing $2.5 trillion, to make ends meet (from the US Treasury Monthly Treasury Statement for April 2009)
Our debt is approaching 100% of GDP (the total US estimated GDP for 2008 was about $14 trillion) and our leadership’s intentions are to continue to increase social spending, develop a new layer of government intervention and cost with “cap and trade” nonsense, and fund Wall Street/Big Bank losses. For them, the “solutions” include:
– “soak the rich” for more taxes (even though the top 10% already pay over 70% of income tax collections, bottom 50% represented less than 3% of tax collections, per taxfoundation.org)
– Value-added taxes. Yes the VAT is being explored, which will add to the cost of virtually everything, as reported by the Washington Post.
How have we gotten here? Let’s consider what we’ve done — 76% of our representatives and 84% of our senators are lawyers and politicians/public service employees, (plus one “community activist” President). On average, we leave them in place for over a decade! (11 years for representatives, 12.9 years for senators, from Profile of 111th Congress.)
“Out of touch” is perhaps too kind a term — our representation needs a dramatic overhaul, and we need to wake up to the fact that pretty speech makers appparently don’t know “poop” about fiscal sanity!
…off the topic, if you have 4 minutes you’ll enjoy this video created by an Alabama teen for his Mom’s Tea Party. It sends a powerful message, about the real power of the “silent majority.”