Categorized | National, Politics

Lost in Fiscal Space

 

The Growing Debt Divide:  Obama Advances While GOP Buckles Under Pressure

(VIDEO)

 

Skippy Massey
Humboldt Sentinel

 

This story just hit the wires today from Washington’s ‘The Hill’:

House Republicans are discussing a short-term debt ceiling increase to buy time for broader deficit reduction negotiations with Democrats, Rep. Paul Ryan (R-Wis.) told reporters Thursday.

“We’re discussing the possible virtue of a short-term debt limit extension so that we have a better chance of getting the Senate and the White House involved in discussions in March,” Ryan told reporters gathered at the pricey Kingsmill resort in Williamsburg, where the House GOP is holding its annual retreat.

debt ceiling“All of those things are the kinds of things we’re discussing,” said Ryan, the party’s budget chief and 2012 vice presidential candidate.

A small hike in the $16.4 trillion debt ceiling would give the government more time to make payments on its responsibilities as lawmakers and the White House haggle over federal spending.  A GOP leadership aide said there was no consensus on the size of a debt limit hike, and that it would have to be coupled with entitlement reforms or spending cuts.

Ryan did not specify how long a short-term increase would be or even whether it would include spending cuts, which Boehner has consistently demanded in conjunction with approving new borrowing authority.

Treasury Secretary Timothy Geithner has told Speaker John Boehner (R-Ohio) that the nation hit its borrowing limit at the end of 2012 and will run out of ways to avoid a first-ever default sometime between mid-February and early March.  $85 billion in across-the-board 2013 cuts to defense and domestic spending are set to begin taking effect in March, and the government will run out of funding a month later…

You can continue reading at The Hill:  http://thehill.com/blogs/on-the-money/budget/277805-ryan-house-gop-discussing-short-term-hike-to-debt-ceiling

* * * * * * * *

loud noiseLet’s toss out some numbers: the US Government is borrowing $6 billion dollars a day, or $4 million every minute.  That’s $50,000 for every man, woman and child, or $140,000 per US household.

This year the national debt will fly through $17 trillion, get a peek at $18 trillion, and mark a 2015 date with $20 trillion.  The numbers could rise higher as interest rates move upward in the future.

To note, the national debt has grown by $6 trillion since President Obama took office, and four more $1 trillion deficits are on the way before he leaves Washington in 2016.

It gets worse.  Dallas Federal Reserve President Richard Fisher calculated that the government’s unfunded liability for Social Security and Medicare alone comes to a staggering $99.2 trillion, or $330,000 for every man, woman, and child in the United States.

It’s an impossible figure, but still on the low side compared to this estimate of $222 trillion published at Bloomberg news.

1950s familyIf we keep kicking the can down the road and don’t balance the national pocketbook soon before it’s too late, bad things will happen.  We’ll be at the the point of no return:  unable to repay debts and further borrow, lenders not willing to lend anymore, treasury and bond markets defaulting, and the ‘full faith and credit’ of the US dollar crashing.

Think it won’t happen?  We’ll find out.  We’re getting closer.  if it should happen, we’ll be Lost in Space forever.

And you can kiss that hard-earned nest egg and those sunny afternoons on Earth goodbye.

Leave a Reply

HumSentinel on Twitter

RSS Progressive Review

  • William Burroughs getting in the Halloween spirit
    VIA CURTIS KISE […]
  • Down East Notes
    PUBLIC INFORMATION ANNOUNCEMENT Town of Freeport, MEOn Monday evening, October 27, 2014, the Maine State Police informed Freeport’s Police and Fire Departments that Ms. Kaci Hickox would be stopping in Freeport for one night on her way to her home in Fort Kent. Ms. Hickox is a healthcare worker who recently returned to the United States after caring for Ebol […]
  • The new Middle Ages
    Some readers may recall our occasional thesis that we are living in a new Middle Ages in which the masses are up against a relatively few paranoid lords in well moated castles aka Washington and NYC. We were please to find that Monty Python was on this case some time ago.VIDEO […]
  • Mid and late career teachers are underpaid
    Center for American Progress:Mid- and late-career teacher base salaries are painfully low in many states. In Colorado, teachers with a graduate degree and 10 years of experience make less than a trucker in the state. In Oklahoma, teachers with 15 years of experience and a master’s degree make less than sheet metal workers. And teachers in Georgia with 10 yea […]
  • What's happening
    What happens when you criticize Teach for America? Over 214,000 doctors won't participate in the new plans under the Affordable Care Act analysis of a new survey by Medical Group Management Association shows. It's about a quarter of the total number of 893,851 active professional physicians reported by the Kaiser Family Foundation.The 29 states whe […]
  • FBI comes up with new assault on Constitution
    Guardian - The FBI is attempting to persuade an obscure regulatory body in Washington to change its rules of engagement in order to seize significant new powers to hack into and carry out surveillance of computers throughout the US and around the world.Civil liberties groups warn that the proposed rule change amounts to a power grab by the agency that would […]
  • How corporations staged a coup against America
    Vox - In September, a proposal to amend the US Constitution to allow tougher campaign finance and election spending restrictions went down to defeat in the Senate, on a party-line vote. Now, a new analysis by Common Cause rounded up the latest lobbying filings to find which interest groups disclosed lobbying against this amendment.There are no great surprise […]
  • US kept jailing people despite drop in crime
    OFF THE CHARTS […]
  • White House coverup of the day
    Washington Post - Bloomberg White House correspondent Margaret Talev noted how the White House stopped giving details on the fine wines served at state dinners, an opaque measure that she exposed in this story. In pursuing the piece, said Talev, she got the runaround from White House press officials, making her “so mad at them.” […]
  • Word: The space explosion could have been worse
    Karl Grossman - This event underlines again the folly of using nuclear power in space — something the United States and Russia are again actively planning. An explosion on launch is not unusual — indeed, one out of 100 rockets fail on launch. But, consider if radioactive materials were on board — as will be the situation for the proposed U.S. and Russian nuc […]
  • The real Clinton story: 1982
    Stories the media doesn't tell you about the Clintons and the state that made them  A DEA report uncovered by Ambrose Evans-Pritchard will cite an informant claiming that a key Arkansas figure and backer of Clinton "smuggles cocaine from Colombia, South America, inside race horses to Hot Springs." The London Telegraph's Ambrose Evans-Pric […]
  • Real economics: Wages
    Among all employees nationally, 56 percent are hourly workers, and 32 percent of these, or more than 21 million, earn less than $10.10 per hour, according to University of Virginia researchers in the Weldon Cooper Center for Public Service’s Demographics Research Group. The Labor Department reports that the 13 states that raised their minimum wage in 2014 ha […]
  • Pocket paradigms
    A real simple rule on privatization: Ask the following question: Is this something about which citizens should have a say? If the answer is yes, don't privatize. - Sam Smith […]
  • Word
    The day we must come to see that the whole Jericho road must be transformed so that men and women will not be constantly beaten and robbed as they make their journey on life's highway. True compassion is more than flinging a coin to a beggar; it is not haphazard and superficial. It comes to see that an edifice which produces beggars needs restructuring. […]
  • Jazz break
    Coleman Hawkins Quintet […]