This is only the CURRENT National debt.
It is like your credit card maxed out... to the max.
But it does not include the FUTURE CONTRACTUALLY OBLIGATED PAYOUTS you already have planned. There is something like $100Trillion in things ALREADY COMMITTED TO
Common sense dictates that the medicare prescription benefit passed by Bush, with 17 trillion in unfunded liability, be canceled.
But no one is discussing that. It’s very nice that President Bush wanted to give seniors their prescription drugs. But without regard to the cost?
Accrued liabilities must be shown on every corporate balance sheet but not the government’s. Devin Nunes has a bill requiring states and cities to publish their pension liabilities before they can float new bonds. The bill also prohibits bailouts to the states or cities.
A scary story I saw on Big Government said that the Fed might actually buy state/city bonds and there’s nothing we can do about it.
Abolish the Fed! Ron Paul get on top of this ASAP!
you must not have clicked on the link to the entire article, right? That is exactly where I go. It is now over $100 Trillion dollars. And that is not including the student loans, etc. out there.
Yep, the unfunded liabilities. Last report I saw put it at $112 trillion. Mind-boggling.