Skip to comments.(WI Senator) Johnson Comments on ‘Supercommittee’ Failure to Reach Deficit Reduction Agreement
Posted on 11/21/2011 4:25:01 PM PST by Mygirlsmom
Oshkosh, Wisconsin - Senator Ron Johnson (WI) made the following statement today upon learning that the Joint Select Committee on Deficit Reduction, the supercommittee, failed to reached a deficit reduction agreement before the deadline:
Last week, our nation's debt surpassed the $15 trillion mark, and it continues to grow by approximately $100 billion a month. Add in the unfunded liabilities of Social Security, Medicare, and federal pensions, and our nation's total liabilities equal $99 trillion ($321,000 per person). When you consider the fact that our $99 trillion liability exceeds the entire net asset base of the United States ($78 trillion), it is easy to see how bad things are.
Unfortunately, Washington has failed to deal with this by resorting to another round of secret meetings and a special committee. I was skeptical of the process from the start, but to encourage success, I submitted to the committee a list of savings totaling $1.4 trillion. Reducing the rate of growth in government spending should not be this hard.
We need economic growth and real leadership - something that has been absent from Washington for far too long. America is facing a financial emergency. It is way past time for us to start acting like it.
We are beyond broke...the sky is truly falling on our nations economy...
“I agree. I don’t know how but we need to pay off our debt.”
When you add in the so called “unfunded liabilities” of our social programs we see that our debt is actually 99 trillion dollars. Evidently the entire net worth of the nation is around 79 trillion dollars. We are broke, it is that simple...what these fools in government are trying to do is piecemeal the fall...maybe buy some time before the collapse. But, that just invests us more deeply into the failure that is already there. It is chasing good money after bad...so, prepare...sometime in the next few years we and probably the world economy is going to collapse big time. It will not require a long term recovery if we return to free market principles and encourage people to invest and risk. But, eventually we will go through a complete transformation of our society with lowering prices...including wages. We may even end up with a change of currency before this is all over.