Government liabilities rose $2 trillion in FY 2010: Treasury

We’re headed for an economic calamity of biblical proportions. Our deficit is now as much as our revenues. One way or another, we’ll cut spending. Unfortunately, it will be involuntary!

COULD IT BE THAT PEOPLE ARE REALIZING WE ARE IN TROUBLE AND THEY ARE JUMPING SHIP?

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Developing……

Should the TEA Party movement evolve into a political party?
Some Springfield-area activists are trying to make that happen. Mark Anderson is a spokesman for the TEA Party of Missouri, which has filed the paperwork to pursue ballot access in 2012. He joins us this afternoon to talk about that.

Anderson will explain why he joined the effort to put another party on the ballot and he’ll have a chance to answer the concerns that doing so might dilute the movement’s strength.
HEAR THE INTERVIEW

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TEA Party as a Third Party in Missouri?

The Eagle 93.9 | The News and Talk of Columbia, MO
theeagle939.com

Drudge says population going down while dept out of control!

Stock up folks, this ride will be a rough one and there is no stopping this runaway freight train. People will do ANYTHING to feed their spawn when the government teat runs dry. If you live near a major “urban” area you better have a plan for your survival lest you become a victim of the zombie mutants who will surley be wanting what you have and will do anything to get it.

Think about this, if Obama was the Chief Administrator of a private business, he would have been fired long ago.

He has never run anything but his mouth, and that with a teleprompter always. You people that voted for him should be forced to pony up every dime that he has overspent.

I will gladly pay my share for what was Bush’s if you libs pay for what is Obama’s.

Thank Gawd we don’t have to pay it back!

in all this talk of the tax extension. not one politition or media types have asked the main question. if we keep spending more then yes the deficit will grow, but if we freeze spending and get a top to bottom re-evaluation of every department and every penny spent. then start the ax to fall on useless departments and employees. then the tax rate extension would not matter. that is what are putz in chief wanted he needed the money to continue the disastrous path his party started in 07 when they took back congress! in the last 4 years that is all his party has done is spend every bit of the money coming in. and what has it got us? nothing but less money coming in. so his solution just let the tax breaks disappear and the new money would be there for the spending spree. asmerica our goverment is full of idiots! its a shame but true.

I’m a 59 year old Viet Nam era veteran. Father of 5. I’m absolutley willing to have all of my veteran benefits suspended indefinitely. I’m also willing to have my untaken social security benefits cut down to $1,000 per month, indefinitely. I’d be willing to give up any medicare benefits till I’m 75 years old. I care about America adn want it to survive this government created economic disaster. I’d like to say one more thing. Those dirty yellow coward government dogs who brought us this financial catastrophe should be gathered up and killed like rabid vermin. Too harsh? Wait till the nation crumples, then you’ll see harsh! We are too stupid to respect. Do some research. Read what happens to nations like America who abuse fiat money. Liberalism is the disease for it can only feed off other people’s money.

Soon America will see how proactive government is when it comes to cutting the deficit. State and local governments will allow themselves to go bankrupt as a way to rein in government unions. Think about it. Nobody has to get their hands dirty. What a stinkin lousey government.

The sure fire way to resolve enormous debt is not to spend enormously in the first place. Clearly the trillions Maobama spent did nothing to reduce the unemployment. I don’t belive for a second that the trillions spent did an ounce of good or prevented more bad to happen to we the people. Fact is the so-called scholars are book smart and common sense dumb. Thank God that these idiots are fired and a new group of pragmatic, common sense, conservatives will shortly be educating Comrade Maobama and his puppets on the basics of leadership and management. Hint: it’s much more than rhetoric, a big smile and vacations!

6,000 years of recorded history and no government has endured. Over the previous century, there were nine empires that fell, five of them destroyed themselves financial (the last one one was the USSR in 1990). The US does not stand a chance because of the populist nature of it’s government.

If the debt hadn’t risen by over $2 trillion, the sky would have fallen, God would have forsaken us, and Al-Qaeda would have taken over the entire Middle-East . . . according to Gibbs, Axelrod and Obama.

It’s up to true Americans to decipher the truth, the whole truth, and nothing but the truth. In fact, I believe it to be un-American to listen to solely to the right-wing pundits, left-wing revolutionaries, our mainstream press or any other narrowly focused and biased sheep-leaders.

So the debt of our children and grandchildren has increased by an incredible $2 trillion in one year? That is an outrage. They can’t blame Bush for this calamity since it happened on Obama’s watch and when he controlled both houses of congress. Obama and the socialist democrats are a clear and present danger to the United States and must be removed from power at the earliest opportunity. The American people made a good start on that this past November but we need to complete the job in November 2011 and November 2012. Hopefully we can obliterate the democratic party so that they are out of power for many generations or until they reject their socialist policies and stop fostering class warfare instead of personal responsibility.

Try cutting government pensions 50% which would put them above but closer to the private sector.

They weren’t kidding as the cried in the streets on election night that “Obamas gonna pay my mortgage, and life’s gonna be good.”

He did just that. Thanks white people.

Change you can believe in.

It’s important for the Govt. workers who earn 80k+ a year (with benefits) to be well compensated as they hand out all our money to the Obama Welfare nation.

Not to worry. Xmas sales are way up. That means profits must be up and consumers, of course, are only using cash because of the pay raises and extra job hours they’re putting in.
It must be April 1 already.

This comment section is infuriating.

It seems pretty plain to me that nearly all of you have had very little education into how our economy works. To discuss the deficit and debt holdings of america as though it’s just something we should ‘get rid of’, to discuss a fantasy tax policy as ‘don’t spend money’, and then to place that all on the shoulders of obama (and the myriad of childish pet names you’ve all come up for him) and the democrats is the most blind, shortsighted, and pre-pubescent approach i’ve ever come across.

I’m sorry to be so blunt with you all but this really is mindboggling to me how any of you can even PRETEND to know what you’re talking about and have any informed opinion on the matter. All i hear in this thread is continuous mud-slinging, name-calling, and schoolyard-bullying paired with cataclysmic cynicism and pessimism. It’s so infectious that i’ve literally stooped to the same level myself while writing this. But it’s not the government that’s gotten me emotional, it’s the frightening recognition that the discourse in america has fallen so low as to be literally non-existent.

Who do you people think you’re talking to exactly? Certainly not anyone reasonable or of independant thought. It’s obvious you all treat this as some sort of football rally, ready to pound the enemy team into dust on the playing field.

Well guess what, this isn’t a game, and you aren’t rooting for a team. You sat in idle ignorance for the better part of 4 decades, watching every party of our government bend its back to pseudonymous interests, siphoning the quality of life from majority of us only to sell it back to them with interest via credit and now, after the credit has dried up, NOW you pretend you saw it coming? Now you know what the problem has always been? You were knee-deep in it and completely content to let this country be run by ‘movers and shakers’ rather than BY the people, FOR the people.

NOW it’s grass-roots tea party? NOW it’s back to basics? NOW it’s time to cut back? Now it’s up to my generation and the ones that will come after me to handle this. But how can we when we have to cut through forests of fear-mongering and mindless hatred against FELLOW AMERICAN CITIZENS that supposedly come from a ‘wiser’ generation.

You have less of a right to complain about it than anyone currently living, and no right at all to act as though you have the answer. You ought to admit to yourselves that you’re not as smart as you thought, you’ve never been as smart as you thought, and you probably should listen to any person and their opinions with the same approach. Critically, skeptically, and with an open-mind. Looking for the best in all approaches to apply to our current crisis.

What do i read instead? Ignorant, loud-mouthed screaming babies harkening the end of days and the coming apocalypse. You ought to be ashamed of yourselves and I can’t believe I ever once considered you my elders.

I believe the report shows 45.878 for 2009 75 year, not 43.878.
but hey that’s a mere $2,000,000,000,000.00, who cares!

Higher – My husband and I are baby-boomers in the workforce. I assume you are talking about our generation, although we are sandwiched between parents and a generation that lives off of people our age – 3 of our neighbors are supporting their thirty something “children” and their offspring. We did not vote for the liberal spenders that are now in power and have never intentionally voted for any tax and spend politician. Problem is that they are all liars and people are just waking up to that fact. Let time tell if your intelligent generation can change this. Bet you wake up under complete government control.

“Ignorant, loud-mouthed screaming babies” sure sounds like name-calling to me, Higher. If you’ve got all the answers, then run for office and do something about it. The rest of us, according to you, are too dumb to draw breath.

“You have less of a right to complain about it than anyone currently living, and no right at all to act as though you have the answer. You ought to admit to yourselves that you’re not as smart as you thought, you’ve never been as smart as you thought, and you probably should listen to any person and their opinions with the same approach. Critically, skeptically, and with an open-mind. Looking for the best in all approaches to apply to our current crisis.” You sound like a Harvard grad, Higher. You also, in that quoted above paragraph, sound like Obama. Okay…I guess you are the one we’ve been waiting for. I’m sure you feel you are much brighter and able than anyone else in this forum. So, share your thoughts on how to fix it, oh wizened one, instead of pitching a elitist fit. And then, get over your fine self.
‘

Deficit shmeficit, where’s your sympathy, empathy & heart?

Just keep spending, don’t think about it, don’t use logic, or even common sense, I’m sure it will all work out fine by itself.

Yeah right. That’s why for the first time in three generations our house is now stockpiled with food, household essentials, seed, ammo, a generator, etc., and while I may feel a little nuts for doing it, I’m not half as nuts as those that think this will work out fine.

I believe Higher is a synonym for Stoner.

“uncertainty about projected reductions”… what pap!
These people throw numbers around as if they were bird food.
No credibility whatever.

This is no longer a zero-sum game and we don’t seem to realize it. Perhaps for the last 30 or so years, but we need to stop the insanity of more Obama Money going out while less and less seems to be coming in. Unfortunately, we have too many who only think about themselves and what they can get from the system. Don’t look behind the curtain, you might be disappointed in what you find there.

Cutting the budget sounds great in theory, but unfortunately when it is attempted, some special interest is threatened, and the lobbyists come out in force.

The only group that doesn’t have a lobbying organization is the American people, so expect your benefits to get cut FIRST.

“Higher”, I have to agree with you. The people who blame this shipwreck on Obama or Bush are very shortsighted. The ship started sinking during the Carter Admin: the oil shortage that created a massive supply shock exposed a breach in the hull (stagflation). This breach was not fully understood as the US America was deemed unsinkable. Carter countered with very loose housing (CRA) and fiscal policy.
The ship really started taking on water when Regan started offsetting loses in private GDP growth with military spending and huge deficit spending (govt. GDP growth). Regan’s supply-side economics and deregulation led us further into the sub-prime fiasco.
By the time Clinton was appointed captain, the vessel was listing a bit. But Clinton was fortunate enough to be captain when the waters were fairly smooth (the peak of the economic/business cycle): UE was at 4%, the DOW was making unprecedented gains, and the internet was a whole new frontier. But even captain Clinton submerged the ship further buy loosing sub-prime borrowing legislation further.
As GW Bush came on board the weather was still very nice. The passengers rushed to the top decks as Captain Bush sponsored, an open-bar for all. The passengers became intoxicated with “irrational exuberance”. They didn’t notice that the crew (govt.) had stopped pumping the bilge to join the party. By then the lower decks were flooded by excessive liquidity, tax-cuts, costly wars, massive trade deficits and lost economic direction. The passengers didn’t notice the listing or the flooding as they were intoxicated on top the decks. The reality of the sinking ship became apparent when a main bulk-head gave way (the sub-prime mortgage collapse). Bush/Obama appeased the crowd by sending the crew to bailout a wall of water with buckets. Crew-chiefs like Geithner, Bernake and Summers assured the passengers it is easy to remove the water from a submerged hull. Captain Obama needed a diversion to avert panic. Not to be out done by his predecessor, Obama sponsored an even bigger party. Bail-outs, stimulus, QE (and the ol-stand-by, deficit spending) were the “free” cocktails of choice. The party rages on as the DOW races towards 12,000 and the S&P is at pre 2008 levels; all served up by a bartender named QE. Now, even to most intoxicated, there is a problem ; there is not much deck-space left to party. With the US America is half submerged, where will the next party be? Will the parties be in life boats (emerging markets) as the next major bulk-head (the bond market) breaks? Will there be enough lifeboats? Is Captain Obama to go down with the ship or will it be the next captain?

Whatever you do, don’t consider cutting spending! Only 20% work in government now (more than manufaturing & construction combined) and another 30%+ are retired from government or living off government-these folks will always vote for more government, so there’s no stopping it, prepare or suffer! We’ll change when there’s violent civil unrest on every street corner-not till then! Ask what your country can do for you should be on all our money!

About another $2 Trillion next year in deficit-that’s about $5 Billion/day in the red! The Fed pay freeze will save estimated $5 Billion/YEAR-about one days deficit spending FYI! How’s your state budget looking? Next up: A big % of the $1 trillion in student loan defaults! Hate to sound so negative during Christmas, but can’t find any green shoots to brag about and thought the facts should known! Merry Christmas, God is in control anyhow-get your spiritual house in order and find genuine joy & peace!

Convert your soon to be worthless wads of cash into gold and silver. The government is broke and its money will soon be worthless.

Maybe we should get Michelle Obama to start a national savings account. She could wear some great shoes and a neat outfit and the media could show her going to the bank to make a deposit. She could then ask Congress to save some money…..because it is for the children. If things don’t change quickly, we’ll all slim down because food itself will be scarce and expensive.

Maybe we should get Michelle Obama to start a national savings account. She could wear some great shoes and a neat outfit and the media could show her going to the bank to make a deposit. She could then ask Congress to save some money…..because it is for the children. If things don’t change quickly, we’ll all slim down because food itself will be scarce and expensive.

Let’s look at the facts. Revenue to the federal government increased 24% from 2001-2008 ($1.991 trillion to $2.524 trillion) in spite of the Bush tax cuts. Expenses went up 60% ($1.863 tril to $2.982 tril). 27% of that increase ($304B to $616B) was defense spending. The problem is not revenue, it is spending, by Bush and Obama. Truthfully defense spending could probably be cut 25% and still be fine. What are the libs willing to give up? In 2009 under Obama, revenue dropped 14% to $2.156T while spending increased 34% ($2.982T to $3.997T). It is time to cut spending, and no it is not impossible. Return spending to 2003 levels and the budget would be balanced ($2.16 Tril expenses). What new entitlement do we have today that we didn’t have 7 years ago that we just can’t live without?

“Change we can believe in”
“Yes We Can”
“Vote for Change”
“Our Time for Change”
“Organize for Change”
“We are the change we’ve been looking for.”
“My President is Black”

…..too bad it takes more than slogans to run a country.

…..Obama sucks!

The Second American Civil War starts on January 3rd when the new congress born of the tea party movement is sworn in. It will start as a political war between conservatives and liberals and then spill out onto the streets. Anti-constitutional government has gone on too long. It’s time for the people to take America back. May God help the patriots.

Please Dr. Ron Paul help us these next 2 years!
It will be a very painful change for our country, we are like drug addicts to government spending.
Audit the Fed and stop this illegal entity!
No matter how painful it is to live without all the handouts it is never as painful as the total collapse of an economy which we are very close to.

Do all the Americans know where their future fate is heading for by year after year increase in government liabilities? Or is President Obama government effectively educating other elected parliamentarians, govt. officials & the masses about its implications? Or will he just pass on the same situation to next presidency without taking any drastic remedial measure? Presently no improvement appears to be resulting in the coming times!

@sbenard – What do you mean “Unfortunately, it will be involuntary”? Whether or not it is voluntary it is a GOOD thing that we’ll cut spending. Out of control government spending on entitlement transfer programs and a vast military empire spread throughout the world is at the heart of the impending U.S. government default on its debts and the deterioration of the value of a Federal Reserve Note (aka US Dollar). We cannot cut spending fast enough!

The “accrual” method of accounting does not tell you what you owe..
just what you paid! These payments could be from other bills from other
administrations and paid this yr! When you use such terms you should
define them…it kind of takes your headline away….right?

The Government tried to reduce the health care budget and most Americans went crazy.
Most other developed countries spend a lot less on health than the US, but have better health care.
Everybody wants the deficit reduced but nobody wants anything to change.
Republican supporters blame the Democrats and Democrats blame the Republicans. No one seems to notice that things remain the same no matter which party is in power.
In a democracy it is the people who decide, if you want someone to yell at try a mirror.

@sinbad,
How exactly did the government try to reduce the healthcare budget? PLEASE please explain.

Will adding millions to the medicare system lower the costs? No, total costs will increase, cost per patient you MAYBE could argue will decrease, only slightly at best. I believe the quality of care will suffer even if cost per person decreases minimally.

Did the government pass laws removing the anti-trust exception for health-care companies? No

Did the gov’t allow policies to be sold across state lines? No

Did the gov’t cap law suits on doctors? No

Did the gov’t address the single biggest problem behind health care costs (visibility of costs)? No.

So we have a bigger government administered system where people can still take doctors to court for obscene amounts of money, healthcare companies can get as huge as they want with no one caring about monopolistic results, and a Colorado based company has to sell different policies in every state besides colorado that it operates in.

Sounds awesome.

The single biggest problem with HC is that we have NO idea what our doctors charge our medical companies. Why should we care when its so easy to ignore? How much does a trip to the doctor cost your insurance company? A prescription? A trip to the ER? Any one know?

Again, hidden costs is the single biggest problem to healthcare.

Sinbad, how did they fix healthcare? Give me one example.

It was about getting people on the teit of gov’t. Thats it. But hey, at least they talked about the mostrous bill. For 3 dayd.

@nickwolf,
The accrual method of accounting does tell you what you owe.

The cash method of accounting and government methods of accounting tell you what you paid.

Business operate under GAAP (generally accepted acctg standards) and accural accounting.

Under accrual accounting, if someone provides you a service and you have not even received the bill yet its a liability.

So no, it doesnt take the headline away. Government acctg (budgeting) does suck, you should start there.

@Higher,

You sure did take a lot of space to say nothing.

You say don’t name call while name calling.

You call people uninformed yet offer no wisdom or thoughts of any kind.

What exactly are you doing besides ranting?

regardless of what side you are on you have to agree that spending needs to bet cut in both the military and entitlements.

BOTH the Military (conservative stronghold) & Entitlements (liberal stronghold)