The national debt — the amount of money the government owes its creditors — is about $12.5 trillion, or nearly $42,000 for every man, woman and child in the country. About $8 trillion has been borrowed in public debt markets, much of it from foreign creditors. The rest came from various government trust funds, including retirement funds for civil servants and the military. About $2.5 trillion is owed to Social Security.
Borrow Print Spend
http://news.yahoo.com/s/ap/20100314/ap_ … urity_ious
Now how exactly does the Government make money when they are no borrowing, printing, or spending money?
They raise taxes. But in order to raise taxes people have got to be able to pay them.
What exactly is the United States buying with all this money?
Salaries for Obama's "Czars" (he probably still has Van Jones on the payroll somewhere too),
New space suits so he and the other "green"-proponents can imagine lookin' forward to escaping earth to live on God-only-knows-where-else,
That "fountain of youth" that Bill Clinton's been promoting, now that he's so open to even more liberal ideas,
"Information" to help young women decide whether or not to kill their unborn babies or not, (as though they don't have a conscience).
And last but not least------probably anger management for that Kennedy fella who got by with blowing his cool in Congress or wherever it was, simply 'cause he's a Kennedy......or maybe O just bought him a bouquet of flowers, who knows? haha
Certainly ain't goin' to help the elderly and unborn and other deserving people, not if O has anything to do with it.
Oh Brenda, come off it. If you think Obama and his agenda is the only thing contributing to this mess then you've been living under a rock. The current state of affairs has been moving in this direction since before I was born. I knew when I was a teen that social security was on the way out the door. And so did the other intelligent members of my generation.
BTW: Why don't you check out how effective the "abstinence education" in our schools is. Maybe if the over-zealous brats in this country would get off their high horses and let the schools teach health the way they ought to, so many young girls wouldn't need to seek information about abortions. Which the religious agenda has no business sticking its nose in in the first place.
Oh yeah, while you're at it, why don't you check out the *stifles a laugh* War on Drugs...that'll give you a clue as well. OH! And don't forget those wars we're in that Obama DIDN'T start, remember--they were only supposed to last a few months or something? LOL
Err....oh girl! haha
There ya go, mimicking Obama's whine about how he "inherited" the mess.
((Editing to say I think I saw in another thread that GlassSpider is a woman...?)) Anyway, ergo my reference to "oh girl"... hope I got that correct.
And He did. But where is it written that one man has to fix the mess, that hundreds of thousands of men got us into.
Don't get me wrong. I'm not saying he's not contributing...I'm just saying it's a WHOLE lot bigger than him.
Funding Medicare is the problem, not Social Security. Social Security can be put on a sound footing with a couple of small modifications. Not so with Medicare which requires much more funding and is experiencing unsustainable cost increases.
"Social Security can be put on a sound footing with a couple of small modifications"
So simple! That must be why it hasn't been fixed yet.
Social Security was last fixed by a by-partisan commission appointed by Reagan. Another commission will, in due time, provide for a few tweaks which will put it on a sound footing which will assure benefits for the forseeable future. You may recall that Bush proposed turning the funds over to the Wall Street Banksters to invest in the stock market. We're all lucky that didn't fly.
Obviously it was not fixed, and if demographics continue on their current trend it cannot be fixed.
As is frequently the case, you don't know what you're talking about. Social Security can and will be fixed with a couple of minor adjustments. Medicare is the elephant in the room, much harder to fix. That's a big reason for health care reform.
GREAT TITLE! when people ask me 'where is the president gonna get the money for
insert expenditure here
i just make a slot machine motion with my hand and go 'he's just going to print more!'
For many of their members, their new name is going to be a number
Ridiculous. Acorn has been unfairly maligned. By and large it's performed a useful service, much more so than the drug, oil, Wall Street and insurance lobbyists.
Yeah. How else would Obama have gotten elected
Well, he got a pretty good margin. I'm sure Acorn helped by legally registering quite a few inner city voters. What's wrong with that?
Those weren't the "voters" I was referring to . . .
whats wrong with that is one person is not supposed to be a few people just one person
Except in the Senate where one person equals one person plus 900,000 cows, jack rabbits and prairie dogs.
Don't you realize that many of those inner-city types ain't white?
You must have missed the glennbaughannity show this week.
since they never existed i guess it really dont matter
Their mothers will be saddened to hear that.
That is the most hilarious thing I have ever heard!
Why do you think its hilarious? You are apparently misinformed about ACORN.
Acorn was smeared by right-wing propagandists because the organization was registering inner city voters. Congress voted to cut off federal funds to ACORN but its action was ruled improper by a federal judge. In the meantime federal funds continue to go to criminal profit making enterprises like Blackwater and contractors who have been doing defective work for the military in Iraq, e.g. wiring that has killed several of our soldiers there. Perhaps you should stick to music and anything else about which you actually know something??
http://www.nytimes.com/aponline/2010/03 … amp;st=cse
Why don't you read this and tell me what's hilarious about my comment on ACORN?
The nonpartisan Project on Government Oversight recently revealed that the top 100 government contractors made nearly $300 billion from federal contracts in 2007 alone. Since 1995 these same contractors have been involved with 676 cases of "misconduct" and paid $26 billion in fines to settle cases stemming from fraud, waste or abuse. Fines and other penalties, it seems, are simply the stunningly small price of doing government business.
The Rachel Maddow Show : Jeremy Scahill discusses news that Blackwater used a South Park alias when making unauthorized arms purchases in Afghanistan.
Jeremy Scahill: On September 16, 2007, Blackwater employees killed at least 14 Iraqis in the infamous Nisour Square massacre. The youngest victim was nine-year-old Ali Kinani. In this exclusive interview, produced for Democracy Now by The Nation's Jeremy Scahill and Richard Rowley of Big Noise Films, Ali's father Mohammed talks about his son, the shootings, and his struggle to win justice.
Jeremy Scahill: Nine-year-old Ali Kinani died from a gunshot wound to the head in the Nisour Square massacre. His father may be the one man standing between Blackwater and total impunity.
Jeremy Scahill: Three US special forces soldiers were killed in northwest Pakistan this week, confirming that the US military is more deeply engaged on the ground in Pakistan than previously acknowledged by the White House and Pentagon.
Take the case of the top three war contractors, Lockheed Martin, Boeing and Northrop Grumman. These companies have engaged in 108 instances of misconduct since 1995 and have paid fines or settlements totaling nearly $3 billion. In 2007 they won some $77 billion in federal contracts. Or consider pharmaceutical giant Pfizer, which in September paid $2.3 billion to settle a slew of criminal and civil cases, including Medicaid fraud. According to the Justice Department, this was "the largest healthcare fraud settlement" in its history. Yet Pfizer made more than $40 billion in profits last year and won $73 million in federal contracts in 2007; it continues to do robust business with the government. Not bad for a "corporate felon."
Unfortunately, neither Pfizer nor the largest US military contractors are targets of significant Congressional action. Instead it's ACORN, a community organization that trains and advocates for poor and working-class Americans. Over the past fifteen years, ACORN has received just $53 million in federal funds, much of it for low-income housing. Despite--or perhaps because of--its efforts to empower some 500,000 member families, ACORN was the subject of a sting video produced by a right-wing activist that featured a fake pimp and prostitute seeking tax advice. The group swiftly fired the handful of employees who were entrapped, but that didn't put an end to the storm. Fox News aired the video repeatedly, and right-wing astroturf operative Rick Berman set up a Rotten ACORN website. The campaign was wildly successful. In mid-September all but seventy-five House Democrats and seven senators voted with their Republican colleagues to bar the group from receiving federal funds.
ACORN, like all organizations receiving federal dollars, should be subject to Congressional scrutiny. But ACORN was clearly singled out for political reasons. Those Democrats who voted for the "defund ACORN" bill should be required to explain their reasoning to their constituents, particularly when so few of them have taken substantive actions to apply the ACORN standard to corporate criminals with real rap sheets.
A small but growing number of lawmakers are fighting to confront out-of-control corporations. Here are three legislative initiatives that stand out:
§ HR 3679. Representative Betty McCollum of Minnesota introduced her own ACORN Act--the Against Corporations Organizing to Rip off the Nation Act--which seeks to deny federal funds to "corporations or companies guilty of certain felony convictions." Pfizer is singled out, but the act could be applied to other corporations too. "Why are companies that break the law as a business strategy allowed to receive taxpayer funds?" asks McCollum. "A government contract is a privilege, not a right. If a company commits a felony against the people of the United States, then that privilege must end." Significantly, Wisconsin Representative David Obey, chair of the powerful House Appropriations Committee, has signed on as a co-sponsor. Obey also voted to defund ACORN.
§ In the Senate, Bernie Sanders put forward an amendment to the current defense authorization bill (HR3326 S. AMDT. 2617) that calls on the defense secretary to conduct a wide-ranging study of the money the government pays to contractors that have been indicted, settled charges or been fined by any federal agency, as well as those that have been convicted of fraud. It also calls for recommendations on how to penalize contractors that are "repeatedly" involved with fraud. "Virtually every major defense contractor in this country has, for a period of many years, been engaged in systemic, illegal and fraudulent behavior while receiving hundreds and hundreds of billions of dollars of taxpayer money," says Sanders. While Sanders is just calling for a "study," the spirit of his amendment could be the basis for legislation that targets corporate criminals receiving federal dollars.
§ Several Congressional offices say they are weighing the possibility of introducing legislation that would apply the ACORN standard to companies like Blackwater, whose operatives will stand trial next year on manslaughter charges stemming from killing Iraqi civilians; or KBR, which is being investigated in connection with the electrocution deaths of US soldiers and contractors in Iraq. Representative Jan Schakowsky says she is considering reintroducing a version of her 2007 Stop Outsourcing Security Act, which sought to ban the use of Blackwater and other mercenary companies from performing armed activities on the federal payroll. Secretary of State Hillary Clinton, a co-sponsor in the Senate, now oversees the work of Blackwater and other armed State Department contractors, increasingly employed in Afghanistan.
Florida Representative Alan Grayson is spearheading calls for fraudulent military contractors to be defunded under the anti-ACORN legislation. He points to Halliburton's misconduct and its "extreme and gross negligence...putting in showers in Iraq that end up electrocuting soldiers, and feeding them poisoned water." The federal funding ACORN has received over the past twenty years, Grayson says, "is roughly equal to what the taxpayer paid to Halliburton each day during the war in Iraq."
the hilarious part is when you actually defend this criminal organization with a straight face its something to behold
ACORN has had many convictions across the country as well. They certainly aren't pure as the driven snow. It's important to remember as well that ACORN is partisan formed the a left wing extremist who is connected to Andy Stern an avowed anti-capitalist and the President of SEIU.
So far ACORN itself has not been officially charged with any fraud. Aside from the heated charges and counter-charges, no evidence has yet surfaced to show that the ACORN employees who submitted fraudulent registration forms intended to pave the way for illegal voting. Rather, they were trying to get paid by ACORN for doing no work. Dan Satterberg, the Republican prosecuting attorney in King County, Wash., where the largest ACORN case to date was prosecuted, said that the indicted ACORN employees were shirking responsibility, not plotting election fraud.
with so few jobs there are fewer taxes to collect so none of this makes any sense to me
"Except in the Senate where one person equals one person plus 900,000 cows, jack rabbits and prairie dogs."
Where is it written that a man can take advantage of the mess and (intentionally or otherwise) create an even bigger mess spilling over into even MORE areas?
But America could start by getting him out of office. But everyone's afraid to.
What's hilarious about it is that you actually think Rachel Maddow is a "source"
they say that they can't print more money because there's not enough gold to back it up. i think it's high time they found something else to back it up. like silver or even oil. oil is now a very valuable substance. our country will continue to go bankrupt until they get something else to back the money and are able to print more. in the old days when you needed to buy something you handed over a gold nugget. now you hand over a 20 dollar bill. the paper money we use in my opinion is just as valuable as having a gold nugget. you can't get anything in this world without it.
We left the gold standard a long, long time ago! The value of the dollar is now based on the "trust" that the USA will pay its debts. Under Obama the money supply (the amount of dollars in circulation) has grown over 120%, more than at any other time in history!
The US government is now the worlds biggest counterfeiter!
"Under Obama the money supply (the amount of dollars in circulation) has grown over 120%"
And what follows an expansion of the money supply? Answer: Inflation
So now the talk in the Fed is how do we control inflation. Never talk about how do we eliminate the debt model that creates this perpetual unsustainable mess.
Fast Forward 2025: Bread $12.50 per loaf. 2 Bedroom Apartment $2,500 per month. Gasoline $9.50 a Gallon.
Minimum Wage: $12.00 per hour.
What is the point?
I believe the system will have collapsed before 2025.
You can't pay debt with debt. And that's the Government Model.
But if you think that you can try this: Call your credit card company... and then try and give them another credit card to pay off your balance.
by wacknuts7 years ago
And what does it mean for us?
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