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- November 15, 2011 at 8:01 am #377612AnonymousInactive
The public debt (the part we citizen owe) is still increasing by $ 750,000 per minute? – that’s 45 million dollars per hour, and over one billion dollars per day?
Here’s some good news – the Social Security Trust Fund and the other Trust Funds the Government manages are increasing.
Buuut – the Government “borrows” from those funds to offset the General Fund (the primary fund the government pays stuff like the Defense Bills and the interest at 19% (19% interest – not a typo))- which is almost 9 Trillion Dollars in the red.
The General Fund is now negative – 8.8 trillion dollars.
The SS+other trust funds are plus + 5.7 trillion dollars
Subtracting gives us – 5.2 trillion dollars
– for the total public debt that we citizens owe.
5.2 trillion dollars — 5,200,000,000,000.00 and increasing by $ 750,000 per minute – 45 million dollars per hour – and over one billion dollars per day.
How are we going to pay this off – or at least stop adding to it?
All of this is as the Bush administration would explain it – but there are a couple itsy bitsy problems with it. The 8.8 Trillion is really owed by us in total because those trust funds (5.7 trillion dollars) are things we paid into individually and damn well better get back as Social Security and other benefits.
We can’t cut taxes again, that only offsets the debt by increasing inflow over the short term – and that term is running out. By cutting taxes we increased the debt because there was less coming in. We got a surge back when that money flowed back in. Net gain? Not much because the extra money in circulation increased inflation. Tax cuts are just a shell game when looked at in the big picture.
If the tax cuts get extended it will only speed up the increase of the debt. The General Accounting Office says if we do let the tax cuts expire and nothing else changes (ignoring the war costs which we have no idea about yet) we’ll be bankrupt as a nation by the year 2040.
If we do extend them bankruptcy comes even sooner. I have kids and I don’t want to saddle them with this monster. Something has to be done. But what? At the moment I see no way out. We need real solutions and not GOP/DNC talking points. The people in DC don’t even talk about this issue – they’re like vampires in sunlight when this comes up. Any ideas?
aiminhigh – you are confusing the vampire spin. The deficit and the debt are two different things.
abushfamilymember – details dude – look at the big picture.
capno… I know you think “they tell us” but who is “they”? SS and social programs are here to stay – while I sympathize with what you say – complaining about it solves nothing.
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