Who's going to bailout Uncle Sam?
That's the question on the mind of the DC Examiner's editorial board:
The United States of America is bankrupt. Don’t believe it? Consider this: Federal obligations now exceed the collective net worth of all Americans, according to the New York-based Peter G. Peterson Foundation. Washington politicians and bureaucrats have essentially mortgaged everything We the People own so they can keep spending our tax dollars like there’s no tomorrow.
The foundation’s grim calculations are based on Sept. 30 consolidated federal statements, which showed that Americans’ total household net worth, diminished by falling stock prices and home equity, is $56.5 trillion. But rising costs for unfunded social programs like Medicare, Medicaid and Social Security increased to $56.4 trillion – and that was before the more recent stock market crash, $700 billion bank bailout, and monster federal deficits chalked up in October and November.
“Given more recent developments, it’s clear that America now owes more than its citizens are worth,” said Foundation president David M. Walker, the former Comptroller-General of the United States who has been trying to warn Americans of the coming financial tsunami for years, to no avail. So, after Uncle Sam bails out bankers, Wall Street gamblers, carmakers and over-their-head homeowners, who’ll bail out Uncle Sam?
As Professor Reynolds says, if these numbers are correct, we're in deep trouble. And who's fault is it? Congress's. They're the ones who spent us into this mess. Every time they create some new program, or increase spending on the failed programs we have right now, it ends up adding to the mess.
Fiscal hawks in Congress should take note of this, and make it the point they stand on when it comes to the proposed increase in spending that's been proposed by Barack Obama and Nancy Pelosi. Pelosi said that she wants to see a $600 billion stimulus with much of the money focused on welfare recipients. Increasing spending towards welfare isn't going to help the economy, and it won't help create jobs.
And, of course, part of the blame lies at our feet as well. Why do I say that? Because we're the dummies who keep reelecting these tax-and-spend morons to Congress. I'd love to see all 535 bums voted out of office, but given the level of intelligence of the average voter (and no I'm not being mean about this; look at the last national election, please) they don't want to see Congress change. They don't want the gatekeepers swapped out. They seem to be content in allowing the monkeys in Congress, and the job they're doing in bankrupting us.
Just a word of warning, if the mini-meltdown we witnessed earlier this year was bad, wait until the disaster unfolds in a couple year's time when Congress announces they have no money to balance a budget, or fund one.
Publius II
The United States of America is bankrupt. Don’t believe it? Consider this: Federal obligations now exceed the collective net worth of all Americans, according to the New York-based Peter G. Peterson Foundation. Washington politicians and bureaucrats have essentially mortgaged everything We the People own so they can keep spending our tax dollars like there’s no tomorrow.
The foundation’s grim calculations are based on Sept. 30 consolidated federal statements, which showed that Americans’ total household net worth, diminished by falling stock prices and home equity, is $56.5 trillion. But rising costs for unfunded social programs like Medicare, Medicaid and Social Security increased to $56.4 trillion – and that was before the more recent stock market crash, $700 billion bank bailout, and monster federal deficits chalked up in October and November.
“Given more recent developments, it’s clear that America now owes more than its citizens are worth,” said Foundation president David M. Walker, the former Comptroller-General of the United States who has been trying to warn Americans of the coming financial tsunami for years, to no avail. So, after Uncle Sam bails out bankers, Wall Street gamblers, carmakers and over-their-head homeowners, who’ll bail out Uncle Sam?
As Professor Reynolds says, if these numbers are correct, we're in deep trouble. And who's fault is it? Congress's. They're the ones who spent us into this mess. Every time they create some new program, or increase spending on the failed programs we have right now, it ends up adding to the mess.
Fiscal hawks in Congress should take note of this, and make it the point they stand on when it comes to the proposed increase in spending that's been proposed by Barack Obama and Nancy Pelosi. Pelosi said that she wants to see a $600 billion stimulus with much of the money focused on welfare recipients. Increasing spending towards welfare isn't going to help the economy, and it won't help create jobs.
And, of course, part of the blame lies at our feet as well. Why do I say that? Because we're the dummies who keep reelecting these tax-and-spend morons to Congress. I'd love to see all 535 bums voted out of office, but given the level of intelligence of the average voter (and no I'm not being mean about this; look at the last national election, please) they don't want to see Congress change. They don't want the gatekeepers swapped out. They seem to be content in allowing the monkeys in Congress, and the job they're doing in bankrupting us.
Just a word of warning, if the mini-meltdown we witnessed earlier this year was bad, wait until the disaster unfolds in a couple year's time when Congress announces they have no money to balance a budget, or fund one.
Publius II
posted by Syd And Vaughn | 10:30 AM
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