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The debt limit farce

smitty_one_each (243267) writes | about 9 months ago

User Journal 6

http://pjmedia.com/blog/debt-limit-huh-unfunded-liabilities-dwarf-16-7-trillion-ceiling/?singlepage=true
The link above is a great set of gloomy links to just how jacked up our finances really are.

http://pjmedia.com/blog/debt-limit-huh-unfunded-liabilities-dwarf-16-7-trillion-ceiling/?singlepage=true
The link above is a great set of gloomy links to just how jacked up our finances really are.

But $222 trillion in debt canâ(TM)t simply be worked around. Will our commentariat and government officials ever discuss our current federal budget in terms of unfunded liabilities? Fear of being honest with the American people, especially baby boomers who have paid into these programs for decades, may be the concern. Or perhaps they simply think there will somehow be enough money to make good on the benefits promised.

This is why I can't put stock in liberal think tanks who're all "Yeah, we just gotta raise taxes & stuff and shore up these entitlements."
Improvement starts with honesty.

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6 comments

Improvement starts with honesty. (1)

fustakrakich (1673220) | about 9 months ago | (#45081287)

That would imply understanding that the "debt" is nothing but a rationalization to expand austerity. The numbers are pure fantasy.

Re:Improvement starts with honesty. (1)

smitty_one_each (243267) | about 9 months ago | (#45081497)

"expand austerity" is as much a snort of Drano as saying a reduction in spending increases is a "cut".
I suppose I prefer fantasy to insanity.

Re:Improvement starts with honesty. (1)

PopeRatzo (965947) | about 9 months ago | (#45087541)

That would imply understanding that the "debt" is nothing but a rationalization to expand austerity. The numbers are pure fantasy.

The best part of this story is that the economist who claims the $222 trillion debt is best knows for creating and selling a product called "Maximize My Social Security ", which is designed to help people get a maximum payout from Social Security.

When you hear the term "unfunded liability" you need to head for the hills. That term can be used to describe everything that the government might possibly pay for the next century. All future expenditures are "unfunded liabilities" unless you've got a big piggy bank which will fund the government eternally for the future. "Unfunded liability" is one term that is used most dishonestly by the American Right. It can be used to claim the US has "debt" of infinite amounts. Of course, it's not "debt" at all. It's just another one of the key "rules for radicals" terms used by the current crop of right-wingers. I'm surprised he limited himself to $222 trillion. I've heard Mark Levin use $90 trillion and Glenn Beck use (I'm not kidding) half a quadrillion.

Unfunded liability is any future expenditure that you don't already have the money in the bank to cover.

I think something might be going on with Smitty. He was pretty honest in discussion previously, but seems to be mailing it in lately, grasping at sources that in the past he'd have been embarrassed to cite. I hope (and I mean this) he's OK. I know a few other rightwing types that have become sort of broken, spiritually, since the last election. They were whipped into an impossible-to-sustain frenzy and then had to watch Black Caesar stroll to victory. Took the heart right out of them. Barack Obama is like a prion to them.

Re:Improvement starts with honesty. (1)

smitty_one_each (243267) | about 9 months ago | (#45089415)

I am in awe of your little doubt-seed-planting efforts over our last several interactions.
You're clearly an advanced practitioner of the Hooey Arts, and worthy of study and cataloguing as a master of rhetorical Three Card Monte.

CENTRAL RESERVE BANKING (1)

Jeremiah Cornelius (137) | about 9 months ago | (#45083273)

Everything else is a symptom. Congress used to exercise coinage. Now, they exercise obligation of debts.

Outlaw compound interest.

Then? You discover how rich or poor you REALLY are - personally and in the collective.

Re:CENTRAL RESERVE BANKING (1)

smitty_one_each (243267) | about 9 months ago | (#45083881)

Yeah, we're pretty baked in the collective.
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