Posted on 10/01/2012 6:33:25 PM PDT by whitedog57
There is no doubt about, a Federal debt of $16 trillion is staggering will have to be repaid by our children and their children. The debt per taxpayer of $140,458 is daunting enough, but the unfunded liabilities (Social Security, Prescription Drug and Medicare) are $1,055,885 per taxpayer. And growing!
It reminds me of the Tennessee Ernie Ford classic song “16 Tons.” We should call it “The Federal debt song.”
“You load sixteen tons what do you get Another day older and deeper in debt Saint Peter don’t you call me ’cause I can’t go I owe my soul to the company government store.”
There are several “jumps” in the Federal debt growth. The first is the Iraq War (I) and recession under President Bush, the second is the Democratic Majority in 2007-2009, another recession and the financial crisis. The rest is from President Obama and Congress. But who ever is to blame, the debt is like Tennessee Ernie Ford’s 16 tons. We now owe our soul to the government.
Say, I wonder if Ernie Ford was an economic adviser to the Administration and Congress?
(Excerpt) Read more at confoundedinterest.wordpress.com ...
He was just a “little old Pea-Picker”
Who knows, but I have two sweet marble-topped end tables from his estate sale.
Tennessee Ernie is a distant cousin of mine. We have common grandfather on paternal side.
Was that in Whittier Califiornia. He had a great home in Friendly Hills near where I used to live.
Thanks for this thread.
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