Click pic to embiggen and see additional comparisons
$114,500,000,000,000. – US unfunded liabilities
To the left you can see the pillar of cold hard $100 bills that dwarfs the WTC & Empire State Building – both at one point world’s tallest buildings. If you look carefully you can see the Statue of Liberty.The 114.5 Trillion dollar super skyscraper is the amount of money the U.S. Government knows it does not have to fully fund the medicare program, medicare prescription drug program, social security, military and civil servant pensions. It is the money USA knows it will not have to pay all its bills.
The unfunded liability is calculated on current tax and funding inputs, and future demographic shifts in US Population.
Should we become more like Brazil?
All the more reason to cut taxes on the rich so that more jobs can be created. Ha, ha.
Default?
Inflate it away?
Restructure the economy over a 20 year period?
Restructure the Social Safety Net for long term stability?
I like No 3 & 4==not that it matters.
Shoot all “idealogues?” That would take longer to review.
We need to stop raising the debt limit and actually start living within a budget. If not, this image will only show up later with an even larger stack of money.
Derek==put your cart behind the horse and you’ve got it.
Keynesian economics, like any other correct understanding of how the world works, doesn’t work, if you only follow half of it.
funny how that works out.
Sterilize and lobotomize all politicians, bankers, lawyers and priests.
Then Sell Alaska to China or Russia and be done with it. invest the cash in tesla or ether based energy tech and then have no competition from oil suppliers (blue gold will be the next commodity), but as along as we have cheap power we can convert salt water and farm arid areas
then we can make tungsten gold the new currency backer.
problems solved, but elites unhappy
stir fried moose jerky made in chilaska a national diet to be..
ITM
So, has there ever been a long term successful example of Keynesian economics. Seems like every country that follows it is bankrupt right now…
Derek==lather, rinse, repeat.
No country has ever followed Keynes. That was the point.
Hmmmm… So we should employ unending, aimless, and uncontrolled spending of money we don’t have based on an unproven idea when our country is already unfathomably in debt as it is. Sure, sounds like a superb idea! As corrupt and wasteful as our government already is, I cant imagine anything possibly going wrong!
You do realize what being indebted to someone means, right?
What does it mean Derek?
Be careful, because I don’t think you know.
It means you OWE someone. It means they have control over you for however much you are indebted to them.
Do you believe a country that is not in debt to another country is stronger or weaker than a country that is in debt to another country?
As I might be going to bed soon, I can’t tell, let me correct myself. I think it is fairly well agreed among those who study the subject that government spending will stop/reverse/cure a market aberration/cycle/downturn. I think Japan currently and the Great Depression is often cited as proof by way of government instituting austerity measures and the resulting depressions lasting longer than they should have.
Event the current stimulus programs have been credited with saving a much worse recession. It only “makes sense” when the situation is caused by lack of money in circulation and what not.
The failure of Keynesian Economic “Theory” then is that no one repays the debts when good times return. Everyone goes all Republican on the economy.
Derek–you sound like a liebertard: cutting taxes is always good? Say it ain’t so? There is a “right” level for taxation and taxation policy. If you don’t approach the subject with that viewpoint, you are just a tard.
If I were more alert/motivated I would look up the saying about “someone” who owes $20 bucks verses international debt relations when a country owes another One Trillion (as per China or almost another one trillion to Japan)
http://en.wikipedia.org/wiki/File:Composition_of_U.S._Long-Term_Treasury_Debt_2005-2010.PNG
Who is “at risk” when trillions are owed?
#9–Ha, ha. Derek==I mean this sincerely: you are a dunce. See my #11 posted while you posted.
Who is going to “enforce” this debt owed by USA to China? USA–by far the most powerful military on earth?
Yeap. When push comes to shove. I wonder what the historical examples are when “more powerful” countries go into debt with “less powerful” countries. Not “someones” per our daily experience with our own court systems standing by to enforce common law. International Relations.
Derek–what do you think the talking heads are talking about when they say China has as much to lose as the USA does? What do you think that means?
Ha, ha. Hey–even as a dunce, you stand head and shoulders above the Teabaggers in Congress. Just try to read a little more.
Mpod–Isn’t that the second time you have posted that? Seems to be getting longer, I guess that happens, but when you shine a diamond, its supposed to get smaller.
Nothing could be worse than what we have, so yes, your system would be better. Mostly the corrupt and the idealogical are attracted to government service. Nothing good can come from that.
Imperial Rome had all the same issues.
Nothing changes.
My “thingy” is bigger than your “thingy.” Shall we have a religious war about this discussion now? Why not? Countless cultural clashes have staked their lives on it before, (sarcasm alert) and it always worked out for the better in the end for the sanctity of all of humanity. So let us wage costly wars that we cannot afford both in terms of money and innocent lives on both sides, and let us build needless buildings that show how much better of a culture we are than the people who built the pyramids. I am sure our outer-space alien visitors will be duly impressed at how much our in-fighting has brought us closer to being able to learn how to live and flourish outside of our little worldly sphere. Let me know how that turns out okay?
Our foreign wars are more important than our own people. It should make one wonder about the motives of the “powers that be.” Just like a ghost however such powers make sure to cower in the darkness unknown. They only come out when it’s time to lash out as a viper to any lesser being who dares confront them. Bankers are vipers who must be outed, and be made stand trial for their insolence towards the rest of humanity. They are human beings themselves. They are only powerful because they operate in the dark. It’s time for reason and compassion to shine the light in these dark corners of our society before it’s too late.
It’s high-time that we the masses (the people) make the powers that be 100% accountable for their actions. I am sick and tired of hearing Ben Bernanke and Timothy Geithner whine about how we need QE2 (quantitative-easing)-this, and bail-out that. We absolutely need to abolish the Federal Reserve. It is an under-the-table cartel of bankers that have only their own self-interests at-heart. We need to put the value of money back into hands of the common-man. Isn’t that what drives the economy after all? They are trying to eradicate the middle-class. They fail to realize however that even the poor have equal-rights, and equal power.
I think we need a new America. This one is getting a little “long-in-the-tooth” shall we say.
The common-man makes the bread. It’s time we make the elites sleep in it.
. . . it’s from an old “Porky the Pig” quote from many of the cartoons he starred in: “you buttered your bread. Now sleep in it.”
Here is the punctuationally correct version: “You buttered your bread, now sleep in it.”
Boffo–you are exploding all over the place. Lots of posts. Quads right off the bat–took me years to get that attached.
I only have one word for you:
Jiminy Cricket.
“In 2011 the National Debt will exceed 100% of GDP, and venture into the 100%+ debt-to-GDP ratio that the European PIIGS have (bankrupting nations).”
I think this statement is shady. Several sources report differing numbers. Anyone got more data?
Yes, we should do like Brazil: Cut spending and increase taxes.
Problem solved.
The increase taxes part is merely cancelling the Bush tax cut giveaway that he borrowed money for.
Right from day we were born we were taught that good is fundamentally different than evil. Black is different from white. The colour pink is separate from blue. We all know deep in our own true-selves however that the world is actually a grey and gooey mess. There is no clear delineation between right and wrong. We are taught to think that though in school. As we grow up and become responsible adults however we tend to more appropriately ascertain how the real-world operates. There are things in-between. It’s more difficult to sort out things than one originally anticipated. Life is quite a sticky and messy affair after all. When one comes to terms with the fact that life itself is beyond comprehension, then one finally has began treading upon a true path. A path with heart is absent of the mind’s righteous meanderings.
Bobbo: with as many meandering posts that you yourself make, I can see your own “Silly Hooman” qualities. Face the facts: we are all “silly hoomans” trying to make sense of a nonsensical universe. Isn’t that worth a hearty laugh in and of itself right there?
BTW: “rabidmonkey” is also “BoffoTheClown.” It all depends on which one of my computers I posted from…AUGH! Just to let you know though; “rabidmonkey” and “BoffoTheClown” are one and the same person. HEHE!
Like I really care though…LOLZ!
#3
Keynesian economics, like any other correct understanding of how the world works, doesn’t work, if you only follow half of it.
Keynesian economics, much like communism, is based on the kumbayah assumption that politicians will voluntarily spend less during boom times (that and the faulty assumption that government spending can get us out of a recession).
#10
Estate taxes (yes, the old death taxes,) should be 100%.
Result: The wealthy will move all their money offshore and give it to their kids that way when they die. We get 0% in tax revenue in that scenario.
Pick names out an eligible citizen pool and they’re stuck with doing the job for one, and only one, four year term.
Result: Given no consequence to future decisions, politicians will do everything they can to get as much as they can in as short a period as they can or twist the system to benefit the job they’ll have once their term is ended. Further, there will be
nothingless to stop legal but unethical or uncivil behavior.That would get rid of all PACs, K Street lobbyists, a lot of graft, waste and expense that WE’RE all paying for.
Wrong. It would make them more powerful than ever and easier for them to bribe the current or next batch of politicians. Further, it would make the politician’s staffs the defacto government as they would not generally change from one term to the next to provide continuity.
ANYBODY!! who sez Social Security is “unfunded”, “Part of the Problem” “contributing to the deficit” or ANYTHING of that sort, IS BALDLY LYING TO YOUR FACE.
Look at your pay-stub.
See the column marked “Social Security’?
YOU HAVE PAID FOR (AT LEAST) PART OF YOUR RETIREMENT.
Its as if someone said “Ya know how you have a savings account?,… yah, well, you owe 1/4-1/2,or 2/3rd to the Gov. now. So we’ll just take it.”
Oh, those civil “servants” pensions, specially the fire and police pensions are the ones that really create a vacuum towards them.
Some cities actually have two police forces on their payroll, those that retired and those that are still on the beat (wanting more and more money).