November 16, 2011

Congrats, US! You reached that $15 Trillion Debt milestone and you're still going strong!

Behold! That’s about 100% of GDP!

But things aren’t all dire: yes, we have this debt; and yes, we have built $1.5 Trillion or so of new deficit spending into each budget going forward; and yes, we have anywhere between $60 and $140 Trillion in unfunded liabilities — to be paid with money that doesn’t exist in the world, as of now. Still, in about a week’s time, there’s an outside chance Congress will reach a deal through which they’ll chop off $1.2 Trillion in future spending (a little bit less than next year’s deficit spending), and we’ll get to pay for the majority of it through “revenue increases” and the removal of “loopholes in the taxcode” that unfairly allow people to keep more money when the poor government just doesn’t seem to have enough.

So we got that going for us.

(thanks to newrouter, afs, and several other bearers of joyous tidings)

Posted by Jeff G. @ 3:45pm
15 comments | Trackback

Comments (15)

  1. I think that’s one of those “grim milestones” we used to hear so much about…

  2. Oh, in case you wanted a visual representation:

    Debt

    Budget

  3. I’m gonna celebrate by getting totally hammered.

    Don’t worry, though, Krugman has informed me that there will be no hangover.

  4. http://ace.mu.nu/archives/323805.php And this is how we got there. A couple of billion here and a couple of billion there and pretty soon it is a trillion!

  5. yes, we have anywhere between $60 and $140 Trillion in unfunded liabilities — to be paid with money that doesn’t exist in the world, as of now.

    Which is because money is debt. That is, if all debts were paid, money would cease to exist, leaving a huge balance of unpaid interest.

    To who you ask? To the Central banks, of course, the de facto unelected governors Wilson’s progressivism has wrought.

    Speak of this Ponzied reality in a room full of establishment Republicans and be roundly shot down.

  6. “a pension is a promise” is how America’s epitaph shall read I think

    and then after the funeral we can all have tasty cauliflower souffles what have only 140 calories

  7. i’ve been on a cauliflower kick lately

  8. it’s very tasty and rich in vitamin whatever

  9. Does this news come under the heading “Yes We Can” or “Winning the Future?”

  10. I was at a store and ate a tasty treat and the guy at the store said I owed him a debt, so I gave him a dollar.

    He seemed happy. I know I was.

  11. - Milestone or millstone?

  12. You know who else got made a promise that has been broken? Retired members of the armed forces. They were promised health care for life if they served for 20 years.

    Jimmuh Carter changed that tune.

  13. Here’s what democracy looks like:

    Tomorrow (Nov. 17th) at 2:00pm ET, over two hundred FreedomWorks activists from across the country will converge on Capitol Hill to present the findings of our Tea Party Debt Commission before a joint hearing of Senators and Congressmen. And you can tune-in live from work or home! C-SPAN will be streaming live from our Tea Party Debt Commission hearing on Capitol Hill. Don’t miss a chance to be a part of this huge event! Watch online here at 2:00pm ET!

    They could throw a Dick Armey – Vagina Coastguard Cage Death Match at that hearing tomorrow and CNN would still ignore them and instead run full team coverage on Occupy Something.

  14. Does this news come under the heading “Yes We Can” or “Winning the Future?”

    We Can’t Wait!

  15. - The #Occupy bowel movement has to do something tomorrow to capture the media coverage lest they get upstaged by the T partiers.

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