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

  • Why labor unions are necessary
    From 50 years of our overstocked archives Sam Smith, 2011 - If you came of age in the past ten years and don't belong to a union or come from a family of union members, chances are most of what you've heard about these labor organizations has been, on balance, negative. Which helps to explain why as late as a decade ago, two thirds of Americans app […]
  • Furthermore. . .
    The United Nations has said almost 24% of Gaza's population have fled their homes....UN humanitarian chief Valerie Amos told a UN Security Council hearing the total number of displaced people in Gaza now stands at 440,000. That includes 240,000 people who have sought refuge in UN shelters.1451 Palestinians, 59 Israelis DeadCoreLogic, a California compan […]
  • California's drought worsens
    Richard Brenneman - While all of the state remains in a condition of Severe Drought, the latest United States Drought Monitor map reveals a dramatic increase of in the region ranked in the most severe Exceptional Drought category, which now covers 58.4 percent of the Golden State, compared to last week’s 36.5 percent. The critically impacted region now inclu […]
  • Another corporate myth dismantled
    USA Today -  Bosses who yell, threaten and micromanage their way to the top, often at the expense of miserable underlings are all too common in today's workplaces.But the Tony Sopranos and Darth Vaders of popular culture are not the most effective CEOs in the real world, according to a new study from the W.P. Carey School of Business at Arizona State Un […]
  • Americans still overwhelmingly negative on a lower drinking age
    Alternet - A newly released Gallup study confirms that Americans on the whole are still very much a conservative bunch when it comes to alcohol. The majority still reject a federal law that would lower the minimum drinking age to 18.  A whopping 74 percent of the 1,013 adults aged 18 or older who were surveyed said they would oppose such legislation, which i […]
  • Corporate money causing civil rights group to go off course on net neutrality
    Huffington Post - The NAACP and several other major civil rights groups have emerged as flashpoints in the debate over net neutrality, the idea that all Internet traffic should be treated equally.More than 40 civil rights groups are supporting broadband providers that oppose strict net neutrality rules. The civil rights groups say they're siding with th […]
  • The People's Party on campaign financing
    How Americans are distanced from both their major parties A majority of likely voters among Democrats (75%), Independents (64%) and Republicans (54%) see the wave of spending by Super PACs this election cycle as “wrong and leads to our elected officials representing the views of wealthy donors.”MORE […]
  • Meanwhile. . .
    The difference between Orwell and HuxleyStudents protesting against North Face Another bomb in DC's school test mania […]
  • How sanctions will really affect Russian oil
    Richard Heinberg, Ecowatch - The New York Times reports that “The United States and Europe kicked off a joint effort on Tuesday intended to curb Russia’s long-term ability to develop new oil resources.” The new sanctions would deny Russia access to western technology needed to access polar oil and deepwater oil, as well as tight oil produced by hydrofracturi […]
  • Action links
    NEWS   Action news   How to plan your own Moral Monday Building peace teams ACTIONS Detroit Water Brigade Moral Mondays Tar Sands protests Occupy ACLU Bad Ass Teachers BOYCOTTS Hobby Lobby IsraelAcademic/Cultural Koch Brothers Nestle Staples Walmart Monsanto Essays Where change really comes from Running out of change The Clinton-Obama-Alinsky myth   Activism […]
  • Pocket paradigms
    If global dumbing is not halted, we may wake up one morning and find that no one in this country knows how to make anything anymore. We may discover our dearest friends and relatives in a catatonic state before the TV and the device won't even be on. When we call for help we may find that 911 has become an endless loop voice mail system from which one c […]
  • Word
    The censorial power is in the people over the government and not in the government over the people -- James Madison […]
  • Bass players
    From 50 years of our overstocked archivesSam Smith, 2003 - Your editor has long held the view - although quietly for fear of being mugged - that one of the earliest signs of America's cultural collapse was the introduction of the disco drum machine. I was, to be sure, a drummer at the time, so the opinion may have been a bit premature and biased. Noneth […]
  • Young news
    Young news Colleges & universities Millenials down on marriage Generation gap Student loans & debt ESSAYS An apology to younger Americans Skull & Bones […]
  • Obamaadmin claims right to force Muslims to become snitches
    Firedog Lake - The United States Justice Department has moved to dismiss a lawsuit in which American Muslims allege that that twenty-five law enforcement officials, particularly FBI agents, had them placed on the No Fly List after they refused to become government informants in their community.In April, the Center for Constitutional Rights and Creative Law E […]