We most often hear about the alarming $15.96 trillion national debt (more than 100% of GDP), and the 2012 budget deficit of $1.1 trillion (6.97% of GDP). As dangerous as those numbers are, they do not begin to tell the story of the federal government's true liabilities.
The actual liabilities of the federal governmentincluding Social Security, Medicare, and federal employees' future retirement benefitsalready exceed $86.8 trillion, or 550% of GDP. For the year ending Dec. 31, 2011, the annual accrued expense of Medicare and Social Security was $7 trillion. Nothing like that figure is used in calculating the deficit. In reality, the reported budget deficit is less than one-fifth of the more accurate figure.
TO MAKE A LONG STORY SHORT --- WE'RE ACTUALLY BANKRUPT. WE JUST WON'T FACE THE FACT.
Bring back US jobs to America.
It is truly a shame that the Republicans had all three branches of government and did not address these problems. I know that President Bush did address Social Secuirty reform but I don’t believe that was during the time we had all three part of government. Plus Bush backed off because a few democrats said “boo”.
Federal Financial Stewardship File.
Don’t you understand? Big numbers just confuse the Stoooopid American voter. Recently, custody of an Argentinian warship was transferred to a debtor when it came into a foreign port. That happening to us would suit the Dems just fine as long as “entitlement” payments went out as usual.
The “key point” is that there is no point in We the People are expecting DC to do anything about this mess...
The bigger the mess...the more power DC accrues....
SS and Medicare are not contractual debts.
They are political promises.
Made by a couple of generations of politicians who ignored the Enumerated Powers, stole the money, and spent it on their own political self-aggrandizement. Every red cent.
You do know PV works well only to compare and contrast the outcomes from two different proposals ~ e.g. to build a new building or to fix the old one.
It ties in well with the math used to determine a Return on investment (ROI).
However, the numbers themselves are a fiction.
That dollar on deposit at Barclays really won't be worth $6 trillion in 5,000 years when you pop out of your time machine ~ failure to 'churn' (there are lots of names for it) is usually punishable through termination of your account.