Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Debt Commission Leaders Paint Gloomy Picture

Sunday, July 11, 2010 - 7:01 PM
This is a BI-PARTISAN commission.  Hopefully, that's a good thing. 

Ken, I've heard this $14 trillion thrown around alot.  However, I've also heard analysts explain that this number is quite deceptive...  because it doesn't include all of the gov't unfunded liabilities.  The other number I've heard, is somewhere in the neighborhood of $120 trillion, if you really are honest about the country's "books."  Do you have any insight, links, or well reasoned debunking of the latter number?

I don't think most people really know all of this or really do the math.  If "We the people" don't seriously pull together and solve these extremely troubling economic issues...  well, the commission pulled no punches.  I encourage everyone to read the article...  and maybe even the link at the end of it.  Hear them tell it.

http://finance.yahoo.com/news/Debt-commission-leaders-paint-apf-670844521.html?x=0&sec=topStories&pos=3&asset=&ccode=
The nation's total federal debt next year is expected to exceed $14 trillion -- about $47,000 for every U.S. resident.

"This debt is like a cancer," Bowles said in a sober presentation nonetheless lightened by humorous asides between him and Simpson. "It is truly going to destroy the country from within."

Simpson said the entirety of the nation's current discretionary spending is consumed by the Medicare, Medicaid and Social Security programs.

Bowles said if the U.S. makes no changes it will be spending $2 trillion by 2020 just for interest on the national debt.

"Just think about that: All that money, going somewhere else, to create jobs and opportunity somewhere else," he said.

One positive, if there are any was this closing:
Arkansas Gov. Mike Beebe was one of those leaders who sat in rapt attention during the presentation, one of the first in public by the commission leaders.

"I don't know that I ever heard a gloomier picture painted that created more hope for me," said Beebe, commending its frankness.

 

2
MikeMike327 posts since
Feb 22, 2010
Rep Points: 876
Reply