Skip to comments.U.S. Approaches $15 Trillion Debt Limit
Posted on 11/05/2011 12:06:39 AM PDT by RobinMasters
It will be the latest sobering economic milestone that few were hoping to see: The U.S. national debt any day now will soar above the $15 trillion mark.
As of this writing, the total debt is $14.97 trillion, so moving beyond the symbolic $15 trillion is a foregone conclusion. When the unwelcome milestone is reached, it will come at a volatile time both in this country and abroad.
Across the Atlantic, President Obama is in Cannes, France, for the G-20 summit that takes place as Europe is trying to finalize a bailout for debt-ridden Greece.
Back on the home front, Obama is preparing for a difficult re-election fight next year. Republican candidates from Mitt Romney to Herman Cain have pounced on the countrys economic woes in their bids to win the GOP nomination and the chance to oppose Obama. Meanwhile, the Occupy Wall Street protests directed at the nations financial inequalities continue to rage across the country.
In Washington, a polarized Congress has ground to a halt in the dispute on how to jumpstart the economy and reduce the countrys deficits. Only a few months ago, the acrimonious debate on Capitol Hill about raising the debt ceiling a debate that almost caused the Treasury Department to default on its debts illustrated the enormous partisan divide that still shows no signs of improving.
(Excerpt) Read more at abcnews.go.com ...
The bipartisan elites want to impose tax hikes on the country while doing nothing to reverse the course we’re on. So far they’ve papered over the real problem and no amount of raising the debt ceiling repeatedly will solve it.
Yes, you read that correctly; 15 trillion is about 1/5 of the story.
We should be able to spend ourselves out of this situation easy enough...
As Bill Gates pointed out the other day, if you confiscate all the wealth from the 1% the OWsers like to trash, you won’t make a dent in the national debt.
We sure as heck are not going to tax our way back to prosperity.
They don't care. It will make The Rich feel sad, and anything is worth that to these children of the rich (or the jealous basement-dwellers). A liberal believes FEELING a certain way is in itself a moral achievment. So as long as they really, really hate The Rich, then they have achieved moral superiority to those who don't FEEEL that way.
Taking their money won't solve the problems they claim to care about? Ahhh, so what? Stop trying to protect yer rich buddies! It'll make The Rich sad, that's an accomplishment worth sleeping in a tent for.
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It's not just the 1% they're after... The 1% is what they want to start with because they know the rest of us will stand by and watch until they eventually get up to 30 or 40%.
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DEFUND socialist collectives, foreign and domestic.
Interesting read, but there’s no reason to include “unfunded liabilities” in a calculation of the nation’s debt. Any one of those liabilities could vanish in an instant through a change in Federal law . . . and all them probably will, at some point in the future.
[trying out a new tagline.]
So, what’s the current debt ceiling?
No problem Congress, after much BS, will simply raise it.
Remember folks, they can't skim if they don't spend and when it comes to the fascist, they can't spend what they don't have so they have to borrow to spend and they have to spend to skim and/or get kickbacks.
This debt limit stuff isn't news, it simply a smoke screen to distract from rising food and fuel prices.
Those that work for me earn a good and fair wage, my company is non union because they have decided and voted that it is better for them to be non union, but profits and hours are down and many are concerned with the prices of food and fuel.
Duh, never mind. If the headline is accurate.
I’d like to see a breakdown of annual income related to those percentages.
I don’t think people who have a job realize how close to that 1% they are.
With 2 decently-paid wage earners in the family, if they make 200,000 a year, where are they, percentage-wise? Are they in the top 5%? 3%?
The truth is that when the left gets on a class warfare jig, anyone who earns any money is eventually considered “rich” and up for heavy taxation.
All failure faces in the country get a whole party in power playing to loserville. All failure is blamed on those who are taxed.
Eventually the working poor and middle class realize that the government is the collector and distributor of the taxes and they never see a dime of it coming back to them. They never qualify for any of that “wealth transfer.”
The legal challenges that would ensue will prevent these 'unfunded' liabilities for disappearing. Some may be reduced to a degree, but a lot of the contractual obligations will never go away.
More likely, they’ll simply disappear through “attrition” . . . as thinly-disguised euthanasia policies at government-funded hospitals substantially reduce Social Security and Medicare outlays in the future.