A Crushing Burden of Debt
Tags: Tax and Spend Liberalism.
Click here to get Caucus of Corruption: The Truth About The New Democratic Majority by Matt Margolis and Mark Noonan.
Outside of military/terrorist threats to American lives, there is no more important issue for us to deal with:
…”at all levels, federal, state, local and GSEs, the total public debt is now at 141% of GDP. That puts the United States in some elite company–only Japan, Lebanon and Zimbabwe are higher. That’s only the start. Add household debt (highest in the world at 99% of GDP) and corporate debt (highest in the world at 317% of GDP, not even counting off-balance-sheet swaps and derivatives) and our total debt is 557% of GDP. Less than three years ago our total indebtedness crossed 500% of GDP for the first time.”
Add the unfunded portion of entitlement programs and we’re at 840% of GDP.
The world has not seen such debt levels in modern history. This debt is not serviceable. Imagine that total debt is 557% of GDP, without considering entitlements. The interest on the debt will consume all the tax revenues of the country in the not-too-distant future. Then there will be no way out but to create more debt in order to finance the old debt.
It assures a period of economic devastation. In a last, desperate attempt, politicians at the federal and local levels will raise taxes to astronomical heights to raise revenues. And that only assures destruction of the economy. Forget the fable of economic recovery. Unless there is a change in Washington by next year’s election, there will be no way to turn back.
No way to turn back? Well, think of it like this – Japan had its September, 2008 19 years ago and they are still mired in the crushing debt and resulting recession which started waaay back then. Think we can’t go through generations of economic malaise? If you think its impossible – if you think some magical “business cycle” will turn things around – then you are living in a fool’s paradise.
We must balance the budget. Now. Not next year. Not ten years from now; we need to do it right away. Yes, I know it will be hard – as a people we will have to hunker down and help each other but government must start to spend less than it takes in and it must do this without raising taxes to a ruinous height.
Of course, we won’t do it, now. With Obama and the liberals in charge, it is “full speed ahead” with more debt – and anyone who thinks that ObamaCare will actually lower government spending is a knave or fool. But we can’t go on much longer – we’re overburdened (so is most of the rest of the First World) and we have to shake ourselves free from the liberal/socialist illusions of the past century.
Thank you for visiting Blogs For Victory. If you enjoy our content, please consider making a donation to help us cover the costs of our servers.Mark Noonan is co-author (with Matt Margolis) of Caucus of Corruption: The Truth About The New Democratic Majority. He also blogs at Nevada News and Views. Follow Mark on Twitter.
34 Responses to “A Crushing Burden of Debt”
Caucus of Corruption
and Zimbabwe are higher.
isnt b. HUSSEIN O a halfrican from zimbabwe?
I think this guy is probably pretty close in his prediction.
spook
be prepared there is a storm brewing on the horizon.
I never thought i’d see the destruction of my beloved country from within in my lifetime.
Joe Mc Carthy sounded the alarm and we hit the snooze button, only to wake up with the house fully engulfed in flames.
Possibly to late to save it.
I never thought i’d see the destruction of my beloved country from within in my lifetime.
I’m still hoping for a miracle, but that’s not stopping me from preparing for a worst-case scenario.
Check out this scary chart.
There is one bright spot on the horizon, but it’s got to be one of the best kept secrets ever.
spook
I’m still hoping for a miracle, but that’s not stopping me from preparing for a worst-case scenario.
Me to
It brings a whole new meaning to the phrase “Praise the Lord, and pass the ammunition.”!
“Praise the Lord, and pass the ammunition.”!
LOL! That may very well replace “Don’t tread on Me” on the flag of the resistance. I spoke of worst-case scenario, but, in reality, I don’t think most people can comprehend how bad it could get. Imagine going to the supermarket and finding it “closed indefinitely”. Imagine black-outs and rolling brown-outs where you’re without power for days at a time. Imagine no gas for your vehicle. You’ve seen the photos of the gangs in Mogadishu, Somalia, (circa Black Hawk Down) riding around in the backs of pickup trucks shooting at anything that moved. Imagine that here.
figure with about 2 million federal employees (not postal or military)…if we could get them all to the level where they would be at the same level non federal employee’s are paid at…it would really help the deficit…
they average 71k per year…so if they only drop to an average of 40k per year…they would still be way ahead of most folks…and save the federal budget 62 billion per year…thats called controling your budget in a real sense…
then drop a few hundred agencies and czars and cut congress budget as well…and we could actually find enough money to pay off the federal deficit…and keep our military strength up to protect our borders…in just a few short years…
but it all begins when they stop spending and start cutting out the waste and extravagant BS that they think they deserve…like…flowers for pelosi…
js02
close down the
IRS
DEA
NEA
OSHA
enviromental “protection” agency
close and SELL ALL national parks.
just to start with.
Senator Sheldon Whitehouse (D-R.I.) today took shots at those who are not supporting the health care legislation. During a floor speech, he excoriated Senate GOP members for holding up the pending health care bill and accused their supporters of being birthers and fanatics in right-wing militia and Aryan support groups. He started off by citing an editorial from the Manchester Journal Inquirer, which used the insult “lunatic fringe.”:
first you demean and belittle your opponent, then you demonize him, next you assault him, followed by arrest and murder.
isnt marxism wonderful?
The Current G.O.P. Which He Called
‘This Once Great And Now Mostly Shameful Party,’ That ‘It Has Gone Crazy,
Is More And More Dominated By The Lunatic Fringe And Has Poisoned Itself With Hate.’
He Concluded, ‘They No Longer Want To Govern. They Want To Emote.’
A Well Regarded Philadelphia Columnist Recently Wrote Of
The Conservative Paranoia And Lunacy On The Republican Right.”
it is a coming, be prepared, this rhetoric is only the beginning…….
The more people use hurtful lables like Crazy, Lunatic Fring, Paranoia and/or shameful, the less they relate the people targeted as human.
Sadly Neocon1, the beating of the ‘nonbelievers’ have already started. (ref the beating SEIU members gave to a man selling t-shirts at a Tea Party rally)
Just as a fun question, can anyone tell me how many of the people that took part of the Tea Party protests so far were involved an any violent acts, property distruction or other unlawfull acts?
dvindice,
Would that also include labels like nazis, marxists, socialists, and insane?
Just as a fun question, can anyone tell me how many of the people that took part of the Tea Party protests so far were involved an any violent acts, property distruction or other unlawfull acts?
The last I heard, a week or two ago, the number was ZERO. And that says a lot about the class of people who make up the patriotic resistance in this country.
*snifsnif* Hey, did we lose a troll?
Neo, actually, Obama’s father hails from Kenya.
casp
Would that also include labels like nazis, marxists, socialists, and insane
those are not “labels” those are factual assessments of peoples beliefs.
calling you a nimrod would be a label.
tfmo
Neo, actually, Obama’s father hails from Kenya.
Woops….silly me!
all those countries look alike to me on a map anyhow :)
neocon1 says:
December 21st, 2009 at 8:46 pm
“casp
Would that also include labels like nazis, marxists, socialists, and insane
those are not “labels” those are factual assessments of peoples beliefs.”
Insane is a factual assessment of someone’s beliefs?
Sorry, name calling is name calling regardless of which side does it. Both sides do it and both sides have their haters.
casp
haters.
ahh yes the “hate” card, played almost as much as the “race” card,
find a new deck huh that old worn out alyinski one is wearing thin.
Deleted – troll.
sadieforker
no racists and “bigots” in the donkrat party either..all those black muslems, nation of islam, bloods, crypts, black congressional caucus, wrights cult, ACORN all white GOP operatives in black face……yup got it!
“neocon1 December 21st, 2009 at 9:08 pm casphaters.ahh yes the “hate” card, played almost as much as the “race” card,
find a new deck huh that old worn out alyinski one is wearing thin.”
Everyone has something, some group or someone he or she hates. Pointing that out isn’t playing the “hate” card.
I hate people who abuse children. I work with kids every day who have been abused in one way or another. When is comes to politics, it’s pretty obvious that both sides have their haters. Take the nasty comments about Bush and replace “Bush” with Obama or take the nasty comments about Obama and replace “Obama” with Bush and you won’t find a lot difference between the comments.
casp
yeah we have 8 years of catch up to do….how does it feel?
Deleted – troll.
spook,
And that is, indeed, what it is. Its why I call this the Second American Revolution.
Deleted – troll.
Casper… to answer your question… yes…
Sadie Ann Martin… From reading the Web site Mr. Noonan has set up way back when it was Blogs for Bush, he has been far kinder and much more respectful of Mr Obama than the liberals posting here have been to Mr Bush.
Back on topic…
The level of dept Mr Obama and the current congress has piled up is beyond stupid. Hopefuly once Dec 2010 comes around, there will be a lot of congress critters looking for new jobs with about 10 to 15 percent of the rest of the country.
spook, And that is, indeed, what it is. Its why I call this the Second American Revolution.
Mark,
There has never been anything in my entire life that I prayed more to be wrong about than where I believe we’re headed. I served this country that I love so much for 24 years, and now it’s as though the people whose freedom I helped to protect are collectively urinating on it. I really don’t want to see this country torn apart by violence, but, absent a miracle, I don’t see any way to avoid it.
dvin,
Thanks for the vote of confidence.
spook,
I’m hopeful that between 2010 and 2012 we will be able to have a revolution at the ballot box. But if a time comes when votes don’t matter because elections are rigged by ACORN thugs and political bribes? You should see Crowder’s latest video over at Pajamas TV about Detroit – if Obama and his Democrats get their way, then in 20 years the whole nation will look like that…and then there will be only one way to fix it.
Mark,
What a sobering video. And I’d be willing to bet that most of the people who once lived in all those tumble-down homes still vote Democrat, hopin’ and prayin’ that somewhere down the road that free lunch is waiting. I find a lot of fault with the Democrat Party, but nothing more egregious than the way it has systematically destroyed the human spirit in urban America.
Mark
WOW
that video should be mandatory viewing in every school and college across America.
welcome to the USA of Somalia!
thats what hope and change is mark…what obummers policies will eventually do to all of america…just like those same DNC libtards have done to detroit…
Deleted – troll.