Yes, It’s A New Year — And The United States Is Still Broke

Discussion in 'Economy' started by Stephanie, Jan 3, 2012.

  1. Stephanie
    Offline

    Stephanie Diamond Member Supporting Member

    Joined:
    Jul 11, 2004
    Messages:
    70,236
    Thanks Received:
    10,817
    Trophy Points:
    2,040
    Ratings:
    +27,359
    SNIP: (links in article at site.


    By Henry Blodget | Daily Ticker – 59 minutes ago..


    From Business Insider:

    The entity responsible for publishing the financial statements of the U.S. government, the General Accounting Office, has released its fiscal 2011 annual report.

    When companies and governments have bad news to release, they try to release it at the moment when journalists and the public are paying the least amount of attention — thus, hopefully, generating the least possible amount of grumbling and complaints.

    So it's no surprise that the GAO released its 2011 report on the Friday before Christmas, possibly the day of the year on which the country was paying the least amount of attention.

    As you might expect, the GAO's annual report on the financial condition of the United States contains tons of bad news.

    The country can print its own money, so it's not "broke" in the classic sense of the word (can't pay its debts, can't fund its operations).

    But the country is also clearly on an unsustainable course.

    We will highlight sections of the report over the coming days.

    For now, here are the highlights:
    •The U.S. ran a $1.3 trillion budget deficit in 2011, flat with 2010 and the third year in a row of deficits over $1.3 trillion
    •The U.S. federal debt load continues to climb as a percentage of GDP and is expected to explode over the next few decades
    •The big problem in our current and future finances is NOT spending on Defense, Education, the Environment, and the other government programs that Democrats and Republicans love to fight about.
    •The big problem in our budget is a combination of: •Taxes that are currently off their peak as a percentage of GDP
    •Future unfunded commitments to Medicare and Social Security


    To be perfectly clear: The amount of the "unfunded liability" for our Social Insurance programs (Medicare and Social Security) is now $34 Trillion. This is an increase of $3 Trillion from last year.

    the rest with comments.
    Yes, It
     
    • Thank You! Thank You! x 1
  2. WatertheTree
    Offline

    WatertheTree Senior Member

    Joined:
    Sep 9, 2011
    Messages:
    1,804
    Thanks Received:
    167
    Trophy Points:
    48
    Ratings:
    +167
    Who is the one presidential candidate that has a budget proposal that will cut 1 trillion dollars in spending year 1 with a balanced budget by year 3?
     
  3. eflatminor
    Offline

    eflatminor Classical Liberal

    Joined:
    May 24, 2011
    Messages:
    9,261
    Thanks Received:
    1,401
    Trophy Points:
    245
    Ratings:
    +2,073
  4. paulitician
    Offline

    paulitician Platinum Member Supporting Member

    Joined:
    Oct 7, 2011
    Messages:
    38,401
    Thanks Received:
    4,136
    Trophy Points:
    1,130
    Ratings:
    +11,974
    Unfortunately,not enough Americans even care. Whoopie Goldberg just farted again on The View. And that's real news for most thoroughly dumbed-down Americans. It's very sad.
     
  5. Crackerjack
    Offline

    Crackerjack Too sick for a cure

    Joined:
    Dec 6, 2011
    Messages:
    4,266
    Thanks Received:
    769
    Trophy Points:
    48
    Location:
    Your momma's house
    Ratings:
    +772
    That's right, you assholes in DC, keep spending my kindergartener's money!

    I swear, it makes me mad ... :mad:
     

Share This Page