1. Federal budget deficits/debt
Federal debt is now $11.5 trillion. Add $1.4 trillion this year. That's almost 100% of GDP.
2. Social Security unfunded debt
No longer a political "third rail," we have no choice: We must raise taxes, or cut benefits.
3. Medicare unfunded obligations
Unfunded after 2016, $65 trillion by 2041, consuming 100% of tax revenues by 2075.
4. Health care insurance liabilities
Costs rising at double the inflation rate, 47 million uninsured. Obama plans universal coverage of this mega-$2.5 trillion business. Can we trust insurers sudden offer to help?
5. Military/defense budget costs
Budget $662 billion. Add veterans affairs, Afghan, Iraq: $1.45 trillion 55% of budget.
6. Homeland insecurity risks
Ports, chemical plants, borders at risk. Black Swans are lurking; with unpredictable mega-buck consequences.
7. Real estate/mortgage losses
Global real estate from $40 trillion to $70 trillion in 5 years. Total global wealth lost since 2007, $50 trillion. U.S. mortgages shot from $7 trillion to $14 trillion in 8 years, now down $6 trillion, with 20% of homes worth less than the mortgage.
8. Peak oil and energy alternatives
Oil's soon declining. Extraction costs will exceed sale price. Nuclear energy cost: $75 trillion. Coal's dirty. Wind, biofuels: costly.
9. Cap and trade
Taxing fossil-fuel emissions will increase energy costs. But it won't change much. China won't stop. So population grows, with demand and global warming.
10. Foreign trade deficits
Annual deficits continue hovering around $600 billion. Foreigners buy 70% of our debt. Many convert to equity: Today foreigners own a net value of $2.5 trillion in America.
11. Corporate pensions
Two-thirds of them are underfunded. Taxpayers cover losses through the Pension Benefits Guarantee Corporation, also underfunded by $500 billion.
12. Local government pensions
Latest estimates of retiree benefits and health-care costs now called a "$2 trillion hole."
More Here
Rich capitalists under the watch of their corrupt political cronies in Washington have succeeded in plundering, pillaging and bankrupting this country many times over. But after all this is said and done, the nation will be saddled with such crushing debts and liabilities that it must extract as much additional revenue that it can muster and much of the burden will likely fall on Main Street.
ReplyDeleteThe situation is bad but everyone is acting like having Mccain in office would have been so much worse. All these politicians are full o' shit.
ReplyDeleteI agree with saveyourself...how rediculous! Ofcourse taxes are going to go up, no matter who is in office.
ReplyDeleteEven if we let the economy crash and let people rot without any help (wich is what the Repubs want) taxes would still go up.
We are a spoiled and disillusioned lot! The world must be laughing at the filthy rich Americans, bitching about our financial changes!!!
I would add one more:
ReplyDelete#13. Because he wants to...
No, no one is saying McCain would be better.
ReplyDeleteonly about 20-30 % of Americans consider themselves Repubs or Democrats....that leaves 40-60% of Americans as Independents who can actually thingk past phrases like
CHANGE WE CAN BELIEVE IN.
And understand that if its bad, you say its bad.
ALL HAIL KING OBAMA!!! Yes my Lord, I will serve thee, all my days!
ReplyDeleteDo you want to say this everyday? Not me, but our Government is secertly setting the stage.
America's Freedom is disappearing faster than a terd in a toilet. The US Government is piling up crap, and it a'int floating anymore. They want to flush the system.
Welcome to the USA!
Welcome to the United Socialists of Allah!
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