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

  • Race to the bottom: Show business
    Kardashians Justin Bieber Miley Cyrus Lindsay Lohan Real Housewives […]
  • A few problems with micro houses
    […]
  • New York government destroying staff emails after 90 days
    Gov Exec - New York state’s chief information officer faced tough questions from lawmakers last week amid news of a recently implemented administrative policy that automatically deletes the emails of state employees after three months.Maggie Miller, was appointed state CIO by Gov. Andrew Cuomo in December, testified before a legislative committee hearing in […]
  • Latinos get it right on global warming
     Pew Research […]
  • Word of the day
    Futility Closetchirographyn. one’s own handwriting or autograph; a style or character of writingWhat is this? It’s the signature of Treasury Secretary Jack Lew. When Lew was nominated for the post in January 2013, it threatened to appear on all U.S. paper currency for the duration of his tenure.Barack Obama said, “Jack assures me that he is going to work to […]
  • If you give your brain, are you a donor or recipient?
    Improbable Reseach -  Amongst the formidable complexities that would be involved in transplanting someone’s brain, lurks an enigmatic question – if it were yours, would ‘you’ go with your brain? Such questions have been examined by professor Fredrik Svenaeus, of Södertörn University, Huddinge, Sweden. The professor has a chapter in ‘The Body as Gift, Resourc […]
  • Word
    Patriotism at the expense of another nation is as wicked as racism at the expense of another race. . . Let us resolve to be patriots always, nationalists never. Let us love our country, but pledge allegiance to the earth and to the flora and fauna and human life that it supports - one planet indivisible, with clean air,... soil and water; with liberty, justi […]
  • A few good words for Iran
    Juan Cole - It is natural that Westerners should find Israel more simpatico than Iran, given the Israeli government’s alliance with the West and Iran’s antipathy. But here are some differences between the two that are in Iran’s favor, which I point out just to balance out the unfair way the two are covered.1. Iran does not have a nuclear bomb and is signator […]
  • Justice Department finds long history of ethnic prejudice by Ferguson police
    Gawker - According to the forthcoming report on the Justice Department's investigation into the Ferguson, Mo. police department for alleged civil rights violations, the department has demonstrated a history of racial profiling that has intensified race relations in the St. Louis suburb.Officials familiar with the report tell the New York Times that the […]
  • U.S. judge rules Nebraska same-sex marriage ban unconstitutional
    Reuters […]
  • America's real exceptionalism: Ignoring the international law it helped create
    Alfred W. McCoy, Mother Jones - After World War II, the US used its triumph to help create the United Nations, push for the adoption of its Universal Declaration of Human Rights, and ratify the Geneva Conventions for humanitarian treatment in war. If you throw in other American-backed initiatives like the World Health Organization, the World Trade Organizati […]
  • Race to the bottom: Local officials
    Chicago police Ferguson police NYC police Rahm Emanuel […]
  • Race to the Bottom: Education
    Common Core Arne Duncan Michelle Rhee Bill Gates Teach for America […]
  • Suicides have soared in past 15 years
    Nature World News - Researchers revealed that in about the last 15 years, suicide rates among US adults have risen by 40 percent. This astonishing number, pertaining to those between 40 and 64 years old in the United States, could possibly be due to the economic downturn of 2007-2009, researchers say...."Relative to other age groups, a larger and increa […]
  • Word: What's wrong with the school testing craze
    Marion Brady, Washington Post - Arthur Costa, emeritus professor at California State University, summed up the thrust of current test-based “reform” madness:  “What was educationally significant and hard to measure has been replaced by what is educationally insignificant and easy to measure. So now we measure how well we taught what isn’t worth learning.”The […]