Surely taxes won't have to be raised to cover 2 trillion dollars. Honestly once you're talking trillions of dollars, what's another couple? It was only a miscalculation of 28.5%. I'm sure it was an HONEST mistake. Wonder if they will have to CHANGE the budget again?

WASHINGTON — The Obama administration expects the federal deficit over the next decade to be $2 trillion bigger than previously estimated, White House officials said Friday, a setback for a president already facing a Congress and public wary over spending.

http://www.caller.com/news/2009/aug/...rillion-highe/

 

$2 trillion - that would be $1 billion x 2,000.


Nowadays, when discussing the cost of government, trillions are the new billions.

 

Mere pocket change.

 

How much is the dept per American and when are you paying your children and your share off? Others are getting tired of carrying your sorry butt.

 

Why does this not surprise me...


James

 

I just did a google search on national debt per family.

If you add in future obligations like social security, the various estimates were $550,000 - $1,000,000 per family. These figures are before national health care gets factored in.

I think the higher figure may include the debts from the states, too.

When you consider that many many families don't pay income taxes, your 'share' is quite a bit worse if you work for a living.

 

This was just a minor miscalculation... On the other hand, we should really trust Obama on his predictions about the TRUE cost of healthcare reform. Who's using fuzzy math now?

 

What a bunch of cynics you all are. This is all part of "remaking" America. It's all part of the plan. It's much too complicated for us peasants to understand, so just let the folks in Washington do the work for you.

People, we're not at the beginning of a takeover of our country by our disingenuous government. We're near the end. We've just about lost it already. The time that we will have the ability to do something about it is passing quickly.

 

http://www.usdebtclock.org/

This is a cool site. It shows the current debt is about $38,000 per PERSON and the unfunded obligations are about $192,000 per PERSON.

That's $230,000+- PER PERSON in debt for the federal government. If the average family is 3 persons, that's $690,000 per family, not including the debt from the states.


Oh, and the $230,000 per person to the federal government does not include the $24,000 per person on private debt. So the average joe is 10 times more in debt to his government than he is to his creditors, but he does not know it.


But the economy is about to turn the corner. Just saw it on CNBC. Riiiiiigggghhhht.

 

Those printing presses must be working hard!!

 

Who . Me?

 

Got to pay to play

 

I'll leave that for your children

 

Yep, we are leaving our kids way more of a a burden than they have any hope of paying.

Let's round some numbers.

Let's say the debt is $250,000 per person in 2009. Well, about 5% of the population is illegal aliens, about 10% are retired or otherwise unable to work, 10% will probably never work by choice and another 5% of all people (10% of the work force) are unemployed.

Of the remainder who are attempting to pay the debt, many (baby boomers) are getting older and don't have many more years left in the work force, so they have no hope of paying off their 'share' in their remaining years.

And the government keeps spending more than it is bringing in. By a lot. So everyone else's share keeps going up.

When you factor these things in, it is not inconceivable that our children who have not yet entered the work force will have over $1 million each in national debt to pay off.

Figure each kid will work 50 years each. That's an average of $20,000/year in taxes just to pay off the debt, on top of all the other taxes they will need to pay to keep the ship afloat.

Since many will not earn the kind of coin necessary to make a dent in the debt, the burden will fall on the acheivers - the ones that become doctors, engineers, etc...At the prime of their earning power, they will be getting stuck with HUGE taxes.

The other option the government has for paying down the debt is confiscation of private wealth and property. Keep your eyes out for that, especially 'death taxes'.

 

And to add to that, the unemployment rate will be higher, ...

http://www.bloomberg.com/apps/news?p...d=aNaqecavD9ek