Cartoon: Obama’s Crippling Mountain of Debt

[J.Constantine]

Cartoon: Obama's Crippling Mountain of Debt

 

[waltky]

We need a moratorium on spending...

GAO Audit: Federal Government’s Balance Sheet $18 Trillion in the Red
March 3, 2016 – At the end of Fiscal Year 2015, the federal government’s liabilities exceeded its assets by more than $18 trillion, according to a February 26 audit report released by the U.S. Government Accountability Office (GAO).

“The federal government’s reported assets totaled about $3.2 trillion as of September 30, 2015, which was about $165 billion greater than the amount reported as of September 30, 2014,” Gene Dodaro, comptroller general of the United States, wrote in a letter accompanying the audit report that was sent to President Obama and leaders of Congress. “Its reported liabilities totaled about $21.5 trillion as of September 30, 2015, which was about $686 billion greater than the amount reported as of September 30, 2014,” he continued, warning that “absent policy changes, the federal government continues to face an unsustainable long-term fiscal path.”

Dodaro noted that outstanding student loans were largely responsible for the net increase in the federal government’s assets during FY2015, and that a higher national debt was one of the primary causes of the government’s increased liabilities. “Most of the net increase in the federal government’s reported assets was due to student loans made by the Department of Education,” the comptroller general pointed out. According to the department’s consolidated balance sheet, it has a total of $1 trillion in student loans outstanding. Dodaro added that “the net increase in liabilities was due primarily to a net increase in federal debt held by the public and the liability for restoration of federal debt principal and interest to the Federal Thrift Savings Plan.” Payments into the retirement fund for federal employees were suspended during last year’s congressional debate on raising the debt ceiling.

GAO summarized the assets and liabilities listed on the federal government’s balance sheet during the last fiscal year: “The Government held about $3.2 trillion in assets (mostly $1.2 trillion in net loans receivable (primarily student loans) and $839.9 billion in net property, plant and equipment.) Besides these assets, other significant Government resources not reported on the balance sheet include stewardship assets, natural resources, and the Government’s power to tax and set monetary policy. “Total liabilities ($21.5 trillion) consist mostly of: (1) $13.2 trillion in federal debt securities held by the public and accrued interest and (2) $6.7 trillion in federal employee and veteran benefits payable,” the report stated. “The Government also reports about $5.1 trillion of intragovernmental debt outstanding, which arises when one part of the Government borrows from another. "For example, Government funds (e.g. Social Security and Medicare trust funds) typically must invest excess annual receipts in Treasury-issued federal debt securities, creating trust fund assets and Treasury liabilities. These amounts are included in the financial statements of investing agencies and Treasury, respectively, but offset each other when consolidated into the government-wide financial statements.”

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[Timmy]

The debt was zero when Obama took office?

 

[Steven_R]

The debt was zero when Obama took office?

Jan. 20, 2009: $10,626,877,048,913.08
National Debt by President: LBJ to Obama

Today: $19,058,821,XXX,XXX.XX
U.S. National Debt Clock : Real Time

And he still has 10 1/2 months to go. Congress may control the purse strings, but Obama has a veto pen.

 

[Timmy]

The question is , what's that money going to ? Who's budgets increased and why ?

 

[Steven_R]

Mostly to Social Security and Medicaid/Medicare programs.

Set the DoD budget at $0 and we're still running in the red.

 

[Timmy]

So stuff like Medicare part D ?

 

[Skylar]

Oh look. The spammer is back.

Has anyone ever seen John respond to *any* post he's ever made? Or is it the OP and then nothing?

 

[theDoctorisIn]

Thread Closed.