U.S DEBT OVER 61 TRILLION DOLARS

[Junior1]

USA TODAY reports that the government added $5.3 trillion to its financial obligations last year. This brings the total of unfunded obligations, the gap between spending commitments and revenue, to a record $61.6 trillion, or $534,000 per household.

The added commitments were taken on to mostly fund programs like Medicare and Social Security.

"The (federal) debt only tells us what the government owes to the public. It doesn't take into account what's owed to seniors, veterans and retired employees," Sheila Weinberg, founder of the Institute for Truth in Accounting, a Chicago-based group that advocates better financial reporting, told the newspaper.

The $61.6 trillion represents more than one-third of the market value of all the goods and services produced in the United States.

Republicans and Democrats are currently debating whether to raise the country’s $14.3 trillion debt ceiling. President Obama is leading the fight to raise taxes on wealthier Americans to help fund the county’s entitlement programs. But Republicans are pushing for deeper, long-term spending reductions.

In a meeting between the two parties yesterday, House Speaker John Boehner said, “’It is time to start talking about trillions’ of dollars in cuts,” Reuters reported.

[sheik]

So what you are saying is that the the dollar is so weak, it has lost an "l" in its spelling? Makes compete sense to me.

[Junior1]

So what you are saying is that the the dollar is so weak, it has lost an "l" in its spelling? Makes compete sense to me.

yeah that was funny , another funny thing u didnt notice is that every household owes half a million bucs , soon yall are gona be spikin some chinese cause they own the darn country. hahahhahahha

[Markinsa]

We need to revoke the Income tax and invoke a flat sales tax on your everyday items and a luxury tax on the more expensive items. That way everything that is sold will have a tax, and Big Corporations like GE would have to pay taxes. Balance the Budget, and we'd be able to pay off the deficit in no time.

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[Networth]

The article is good information and should bring alarm to anyone who reads it. However, in your sub-title you're suggesting this is creating urgency for the dinar. That is simply not true. Central banks don't hold foreign currencies to generate income. They hold them to control the value of their currency relative to other currencies around the world. Currency reserves influence monetary policy, not fiscal policy. Our debt is a fiscal problem. Our social security recipients and medicare providers do not want to be paid in swiss francs or reminbi. They want US dollars. The revaluation of the dinar (or any currency) will not affect our fiscal crisis one bit.

[coldwarvet]

It's not just about taxes. According to the US Comptroller General, the Congressional Accountability Office, and virtually every reputable think tank in the US, the primary driver of the US debt is entitlement spending, the primary factor in that is health care spending, and the primary driver in THAT is diet and lifestyle related illness. A recent RAND Corporation study shows that by the year 2030, 75% of all Medicare spending will go to treat diet and lifestyle related illness.

Our society has been socially conditioned to (incorrectly) believe that we can eat, drink or smoke anything we want, and if we get sick, our doctor will have just the right pill, potion, surgery or procedure to fix us up so we can get back to what we were doing. Problem is, there's little recognition that what we were doing (at least in the area of diet and lifestyle) created the problem in the first place. If things remain unchanged, by the year 2017, one dollar out of every five we spend will be on health care., and the bulk of that burden will fall on our children. I don't know about you, but I don't want my kids and grandkids to be saddled with the burden of paying for the cost of my personal excesses.

If we're REALLY going to get a handle on our debt, we all need to first take a hard look at how we live, individually and as a society. If we don't, then all the taxes or spending cuts in the world won't amount to a hill of beans. Sorry to be such a downer, but the facts don't lie.

[IT_WILL_HAPPEN]

So what does this have to do with the Dinar?

[FXStockpiling]

Oh thats easy, they will just keep pushing the retirement age higher and higher so they can pretend to care about needless spending, all the while spending more and more on BIG GOVERNMENT...

[Junior1]

So what does this have to do with the Dinar?

I believe that it has plenty to do with the Dinar and ofcourse with Iraq, before the war our debt was very low if any, George W. saidthe war would pay for itself, if it wasn’t for this war we probably wouldn’thave as much debt as we do. If the Dinar rv as high as many believe it will ,it will represent the largest transfer of wealth in history , when people haveincome they pay taxes ,they spend more, and jobs are created , so it has a rippleeffect though out our whole society.

[IT_WILL_HAPPEN]

I believe that it has plenty to do with the Dinar and ofcourse with Iraq, before the war our debt was very low if any, George W. saidthe war would pay for itself, if it wasn’t for this war we probably wouldn’thave as much debt as we do. If the Dinar rv as high as many believe it will ,it will represent the largest transfer of wealth in history , when people haveincome they pay taxes ,they spend more, and jobs are created , so it has a rippleeffect though out our whole society.

Well at the smallest you didnt go off and say the US is Heavely invested in it.. And it makes no diff.. even if they do get all this tax money and and create all these jobs these people have to pay in it will be NOTHING but a small dent in what our Debt is. Nothing can save us now.. we are to deep and thats the truth. You can make all the jobs you want.. but when Comps are sending there jobs south and over seas because its cheaper for them we are doing nothing but digging a bigger hole. So the wealth will shift.. So what. and anyone that thinks this is really gona be 3 bucks needs to get new meds

[Longhorns]

We need to revoke the Income tax and invoke a flat sales tax on your everyday items and a luxury tax on the more expensive items. That way everything that is sold will have a tax, and Big Corporations like GE would have to pay taxes. Balance the Budget, and we'd be able to pay off the deficit in no time.

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They don't want the debt paid off so that we can become virtual slaves to debt, which I think is made up anyway. They are trying to treat us like cattle being bought and sold and putting and avg value of debt per household. It's been in the works ever since the birth of the Social Security Administration.

[Jaxinjersey]

We need to revoke the Income tax and invoke a flat sales tax on your everyday items and a luxury tax on the more expensive items. That way everything that is sold will have a tax, and Big Corporations like GE would have to pay taxes. Balance the Budget, and we'd be able to pay off the deficit in no time.

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I agree, big time... and perhaps for selfish reasons as well. I'm self-employed. Taxes are a nightmare for the self-employed... it's just not as simple as filing and expecting a refund. The Fair Tax, or a national income tax... would tax everything, and ALL would pay... AND pay as you go! No forms, no deadlines, etc. etc. A constrant stream of money into the government. Want to pay less in taxes in a certain year... purchase less! But really, as with inflation... we all get used to what we pay for. The items we buy now might become slightly more expensive, but we really wouldn't feel much of a difference... the same as when we comparison shop for goods, some are just overpriced anyway... so you wait for it to come on sale, find your bargain. With that, the competitive marketplace is also encouraged and revitalized. Give me that anyday! Pay as you go! For those that receive their coveted refund check... where's the interest on the money you let the government use? Anyway... that's what would work for me!

[wicked93gs]

I say its time to hit the reset button. Start by cutting off all funding to the Fed and the IRS(both privately owned companies). I think Ron Paul has the next step right, sell our gold reserves to pay off as much of the national debt as we can manage(and whatever other resources we can sell as well). As was stated, get rid of the personal income tax(we did just fine without it before 1913) and cut government down until its reduced to what it should be, Defense and a basic set of laws to live by...all funded by a small sales tax on all new items. No bank(central or otherwise) should be allowed to control the fiscal policy of a nation and makes slaves of the citizens. Back before the Fed and personal income tax the USD was hugely more powerful. One major law we should have...fractional banking should be 100% illegal...all currency should be backed all the time by real resources, whether its oil, gold,iron, or even something like perlite....resources only. I understand this would destroy the banking industry and make it very difficult to get loans, but in all honesty we really shouldnt be buying things we cant pay for anyway.

[tjmunson]

RV at $3+ and I'll be happy to pay my $534,000