CBO Director: ‘Large and Growing Federal Debt’ Could Produce ‘Fiscal Crisis’

Cybercast News Service ^ | February 11, 2014 - 12:26 PM | Susan Jones

[tomkat]

CBO Director, hands-down winner of this week's  >  Astounding Grasp of the Obvious Award

[xzins]

IIRC, the interest on the debt will be greater than all tax receipts and other forms of government income combined by 2050.

[xzins]

Should have been more clear:

IIRC, the ANNUAL INTEREST PAYMENT on the debt will be greater than all ANNUAL tax receipts and other forms of government income combined by 2050.

It’s like my having more interest to pay each year than I have income.

[Cringing Negativism Network]

Wow already over 17.25 billion.

I just got used to typing 17 trillion.

Unbelievable.

[VRW Conspirator]

Who knew? We’re Greece, times 100. Party on.

And we are going to take Greece with us to the party, and Cypress, and Spain, and Ireland, and Italy, and...

[1010RD]

You’ll like this podcast:

http://www.econtalk.org/archives/2014/01/laurence_kotlik.html

The site is a treasure trove of knowledge.

[1010RD]

Your debt clock is not keeping good debt:

http://www.econtalk.org/archives/2014/01/laurence_kotlik.html

It’s short by about $200 trillion.

[andyk]

And they're not counting the private debt the government owes itself. So <whisper>the trust funds don't exist</whisper>.

[SunkenCiv]

The debt clock is right on the money. Lawrence Kotlik’s talk about 100s of trillions is full-on lunacy.

[1010RD]

Why do you say that? Those liabilities are real and they’ll be either refuted in some manner (perhaps by means testing SS) or inflated and paid. Unless... FedGov sells off its assets.

[teeman8r]

I owe my soul, to the company store.... And the souls of my children and grand children

Teeman

[Cringing Negativism Network]

Bring back AMERICAN JOBS.

Stop importing everything.

I’m series. Make things here, in America.