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$53 trillion hole in the federal budget

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posted on Sep, 12 2008 @ 01:10 PM
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That is the sum of the government's current liabilities and unfunded entitlement promises. It translates to $455,000 per American household - about 10 times the median annual income of these same households. As that number continues to grow, it means fewer tax dollars going to other services we need. It means much higher taxes in the future. It means mounting debt and interest payments many Americans will not be able to afford.


www.pgpf.org...

So while we have our presidential candidates talking about the economy none of them can even come close of what the will be doing with the increasing deficit that will be affecting the budget, Social Security, Medicare and others.


Addressed “To the Presidential Candidates and the American People,” the ad states: “Federal office-seekers cannot realistically be expected to propose detailed plans for Medicare, Social Security, health care and other necessary spending and tax reforms during campaign season.” Why not? For over a year that’s exactly what they’ve been doing. And we have almost two months to go before Election Day. It is the two-page ad that is unrealistic. Presently, the Secretary of the Treasury reports a deficit for the fiscal year ending on September 30, of $722 billion.


www.economyincrisis.org...

In order to fix this mess we may need a historical growth economical growth in this nation in the double digits for the next several decades to get us out of this deficit hole.




posted on Sep, 12 2008 @ 01:46 PM
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I can't explain why I believe this, but I actually think that if we could eradicate the leeches infecting our nation, the American population could overcome this crises AND actually achieve the unprecedented economic growth needed to overcome this crisis.

Unfortunately, there appears to be an element of leadership in our national fabric which is dedicated to seeing this can't happen. I won't name names. It serves no purpose.

Starred and Flagged, because I am very interested in the source. I will watch this organization closely, if they are more than rhetoric, they may actually be worthy of being counted among the 'good guys.'



posted on Sep, 12 2008 @ 01:50 PM
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i think the site your linking to is telling only a part of the story...

i recall that the 53 Trillion $ figure is the expected foreward looking expenditures until the year 2040 (or there abouts) after which the entitlement programs (SS & medicare) go essentially bankrupt.


the military budget is not addressed...only the social Entitlement programs are given the negatory treatment....
as if; the economic well being of the American way of life can only be saved If.... we tighten our belts, and lower our collective standard of living
by reducing expectations of the promised SS/& the later added Medicare Entitlements as non-funded budget items.


marg6043, review your support for this 'letter'/petition....
in the meanwhile,
peace & party on !



posted on Sep, 12 2008 @ 01:59 PM
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I am not actually supporting the letter it just happen to be linked to the article that I was trying to bring into the discussion the information is pretty good and something that we are dealing with right now.

I tell you I don't think that any American household right now can even think on having and additional burden to their personal budget because government inability to keep accountability.

I remember when the citizens debt was about 30 thousand dollars now is almost half million dollars.

How did it go so big?



posted on Sep, 13 2008 @ 07:27 AM
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Originally posted by marg6043


How did it go so big?


Condoned illegal activities and bailouts attempting to backstop the fallout.



posted on Sep, 13 2008 @ 07:40 AM
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The Fannie Mae & Freddie Mack bailout is going to cost every man woman and child 14000 usd . Dont ya just love bailing out these big wigs.



posted on Sep, 13 2008 @ 10:49 AM
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uighhhh
i hate how we have to pay for their mistakes. it's what it seems like anyway. its not our fault they went crazy with the money. why the heck should we "bail em out" ? it's not like they help us when we need some financial backing



posted on Sep, 13 2008 @ 11:52 AM
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reply to post by marg6043
 


St. Udio is right, the site is only directing attention at entitlements it seems.

Entitlement programs are a huge problem, the Boomers are just begining to collect SS. They tell me that my generation will see SS, but I doubt it..

When the Gov makes "emergency" expenditures the money comes from somewhere, corporations, contractors, soldiers, they don't take IOU's. A lot of the times the money comes from entitlement accounts, especially Social Security.. the idea is that SS will get paid back, but they never do. If SS is to work as promised, the SS tax is going to have to increase dramatically, as is the Federal and State taxes..

All around every year we pick up more debt that needs to be repaid, eventually we are going to get to the point where we deal with our debts or we go bankrupt, and collapse into disarray much like the Soviet Union did.

I believe already World wide you can see a decreasing amount of faith that the US Government can secure debts, and this means when we do need to go deficit, the funds are not there.. That would be when you see social programs collapsing.

But in the mean time, I think Lehman needs some bailing out this weekend.



posted on Sep, 13 2008 @ 01:06 PM
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they knew what they were doing.pilfering the publics money and transfering it into the hands of their own corporate bank accounts.

its as easy as this.

we need 1000 new prisons built.

lets get say...halliburton to build them.

public pays 10 billion......halliburton gets 10 billion.

public looses 10 billion.

halliburton is owned by those who are running the country.

or

lets make a war.

lets invade iraq

all the tax payers money pays for the war,the weapons,helmets,re construction and so on.

all the money from the above goes to the arms manufacturers and thier subsiduries....halliburton.

halliburton is owned by those who run the country.

i recall the contract for the new presedential helicopter fleet was going to cost something like 23billion,and mcdonald douglas was going to build it at the taxpayers expense.

mc donald douglas is owned by those who run the country
but in this case it was way to obvious so its been delayed/pulled.

get the picture?.the list is endless.

however the price of all this pilfering is the crash and destruction of the worlds leading economy ,and possibly the worlds economy as a whole...the result is that which they have pilfered will be negated by that which they now and will loose.

they dont care about america,its citizens,moral values or any anything other than themselves.

like nero they are weilding damyclus's sword for america.



posted on Sep, 13 2008 @ 01:48 PM
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Originally posted by welivefortheson
they knew what they were doing.pilfering the publics money and transfering it into the hands of their own corporate bank accounts.

its as easy as this.

we need 1000 new prisons built.

lets get say...halliburton to build them.

public pays 10 billion......halliburton gets 10 billion.

public looses 10 billion.

halliburton is owned by those who are running the country.




And what makes you think that Haliburton is going to get the contracts on these hypothetical prisons? Prisons (or, for that matter, just about every other government project) are usually built by local contractors. Even if Haliburton was the contractor, you're overlooking one important step in your economic analysis. Haliburton gets $10 billion....then passes most of that along to workers, subcontractors, and materials suppliers...who then pass the money on to their workers, who use it to buy goods and services.

Also...who owns Haliburton? You might look at their stockholders. Not all of them are politicians. I know this first hand. Have you done the research to support your claim?

or

lets make a war.

lets invade iraq

all the tax payers money pays for the war,the weapons,helmets,re construction and so on.

all the money from the above goes to the arms manufacturers and thier subsiduries....halliburton.

halliburton is owned by those who run the country.


I'm seeing a pattern here. You're suffering from Haliburtonitis. Believe it or not, Haliburton doesn't control every corporation in the U.S. I'll give you a second to recover from vapor lock before I point out that most of the cost of fighting a war goes to paying people, buying ammunition and parts, and transportation. Of those, Haliburton *might* have a hand in the transportation part. The rest are covered by companies like Olin, Morton-Thiokol, Raetheon...the list is fairly extensive. And what do THEY do with most of their money? They use it to pay their people, and their suppliers.



i recall the contract for the new presedential helicopter fleet was going to cost something like 23billion,and mcdonald douglas was going to build it at the taxpayers expense.

mc donald douglas is owned by those who run the country
but in this case it was way to obvious so its been delayed/pulled.


You seem offended that McDonald-Douglas wants to be paid for work they do and products they build. What's wrong with that?



get the picture?.the list is endless.

however the price of all this pilfering is the crash and destruction of the worlds leading economy ,and possibly the worlds economy as a whole...the result is that which they have pilfered will be negated by that which they now and will loose.

they dont care about america,its citizens,moral values or any anything other than themselves.

like nero they are weilding damyclus's sword for america.


Who in the name of Hecate is "damyclus"?
Oh...wait...did you, perhaps (based on context) mean "Damocles"? That can't be right either, since Damocles was a character in Greek myth, not Roman, so Nero couldn't wield his sword, even if it were real. *shrug* I can't figure this one out...perhaps you'd care to enlighten me?



posted on Sep, 13 2008 @ 01:50 PM
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The point being overlooked here is that the money appropriated for everything, Iraq War, Prisons, Presidential Helicopters, earmarks, Congressional salary raises, etc.. is all generated by more debt. The Fed prints the money in the form of Treasury Notes and lends it to the Government for all of these things. The war alone is costing 3 Billion per week....which adds up pretty quickly.

Our income taxes only pay the interest on the debt .....

Thats how the debt has become so excessively large in only 8 years.

What sux though is at the onset of the war in Iraq, Bush said that the proceeds from the Iraqi's oil would offset the costs of the war which hasn't happened either.

Just another Lie from the Decider !



posted on Sep, 13 2008 @ 02:41 PM
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All I can see so far is how indebted the citizens in this country because Government spending, this the debt that none of us has acquire willingly but that has been passed on to the citizens.

I am trying to do the math but to tell the truth is not way that neither of our presidential candidates can offer a feasible solution to this problem without, bringing that hideous word call "taxes".

Specially when our pockets are so depleted due to our own personal economic woes been impacted by the nations economy.

More debt is been passed to the tax payer as our own government keeps bailing out banking institutions and private industries.

Next in congress is the bail out of the car industry by none other that Madam Pelosi.



posted on Sep, 13 2008 @ 04:40 PM
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They stole it and pissed it up the wall and they have no clue how they did it. Why would Iraq pay the US for raping it? It is the US that needs to pay damages to Iraq, so expect to see the debt increase....a goverment must use it's money wisely, not give it's money away to private interests and borrow what it needs in the hope that those private interests will somehow help when # hits the fan
.
So where was the world bank, the IMF, the CIA and the FBI when the US needed them? The private interests own them too...so who looks out for the US citizen? Fox news does...easy!
Iran isn't the US's problem, Bin Laden isn't or Saddam...it's the private interests and the institutions. Do as the French do, they kidnapped a company director when he declared the company broke and tried to sack them. Unless the people do crazy things like that, they will continue to steal your money and feed you Fox News for ever.



posted on Sep, 13 2008 @ 07:52 PM
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Call me a revolutionary, but I think we should issue our own currency, tell the leeches at the Fed that they have had their way with us and we default on all loans, starting over, pass an amendment that says in no uncertain terms that private currency is NOT allowed in our country, and move on.



posted on Sep, 14 2008 @ 11:34 AM
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reply to post by St Udio
 



I don't think so. I heard different I heard this is a estimate for the sep,30th 2008 audit..

53 Trillion was the estimate some even estimaded 407 trillion bucks these are offical estimates but the offical answer would be after sep,30th,2008.

This what I heard. Someone already posted on this and also another person had a post on ats around june saying that our dollar will be worthless before or on sep 30th,08 .

The end of the fiscal year is sep 30th, 2008 for the U.S

So we will see at the end of this month the official debt..


Also if you know we usally sell bonds to china and india to help pay our debt off.

Well currently I heard they refused finding out that the U.S is in a bigger hole then before so I expect more debt in the future.




[edit on 14-9-2008 by computerwiz32]



posted on Sep, 14 2008 @ 12:01 PM
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reply to post by computerwiz32
 


Well Pelosi if I am not mistaken already pledge to pass the necessary budget for the next fiscal year so the new president be able to function when he takes office.

So I guess after that reality will set in before the honeymoon is over.



posted on Sep, 14 2008 @ 01:27 PM
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reply to post by TheBadge
 


Why are you not upset about Donald Rumsfeld's admission that they could not account for 2.5 trillion dollars for the defense budget. This is still available on the net. maybe really no one cares, we have all been duped into believing that out money has some value. Reality is is doesn't but we scurry about killing ourselves to pay taxes and send our kids to daycare. Plus don't forget the American dream of owning a nice house and two cars. Back to work there is no time for chit chat.



posted on Sep, 19 2008 @ 07:07 PM
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I have no problem accepting a tax increase. Right after every damn dime of our money going to other countries to prop them up. Right after every dime of our money stops going to pay for $2000 toilet seat.

It is time for us to fix our own house.



posted on Sep, 19 2008 @ 07:41 PM
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truthfully, I think we should pick a day or two, or three. or whatever, and well, get the word out, let's all take a national holiday, or holidays.....
let them know that we do have other options than working to pay for their spending sprees.



posted on Sep, 20 2008 @ 08:25 PM
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reply to post by Brother Stormhammer
 


Who in the name of Hecate is "damyclus"?
Oh...wait...did you, perhaps (based on context) mean "Damocles"? That can't be right either, since Damocles was a character in Greek myth, not Roman, so Nero couldn't wield his sword, even if it were real. *shrug* I can't figure this one out...perhaps you'd care to enlighten me?

He's obviously trying to refer to Damocles, your condescending attitude is unnecessary and unhelpful. Further, Damocles was a character in Greek legend, passed on to history in an anecdote by Cicero, who was of course Roman. I think it's rather obvious that he meant Nero held the populace of Rome in a most precarious situation, being a tyrannical emperor and whatnot, eventually producing a tragedy on a whim. This conforms fairly well with the meaning of the anecdote. This is all readily available information paraphrased from Wikipedia.

The rest of your post is a deflection. The obvious message of his post is the well acknowledged fact that many of our nation's highest officials are "in bed" with multinational corporations and that the policies of aforementioned officials benefit such corporations in what is hard not to see as a racket.

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As for the actual topic of the thread, it's only a matter of time until a) the debt gets too big, payments can't be made, we default or b) creditors/lendors call in their loans & credit and it can't be paid. It seems ever more apparent that the procession to this point is accelerating over time, with the latest fiasco totally convincing me that this is indeed somebody's goal. Instead of attempting to pay off the debt, we keep expanding it.

Citizens take note: the party will continue, please keep partying. - The Management



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