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Old 08-10-2012, 19:55   #1
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Talking “We can break those promises any time we want to.”

Worried by reports of escalating federal debt, I sought out an answer the other day to this question: How much do we as taxpayers actually owe because of commitments politicians have made on our behalf? Turns out, the answer is not as simple as you might think.

The place to start is with a report put out annually by the U.S. Treasury. There I learned that the federal government officially recognizes an outstanding debt of $17.5 trillion. This amount consists of $10.2 trillion in government debt held by the public, plus pension and retirement benefits owed to federal employees.

On the one hand, that amount exceeds our country’s entire gross domestic product and that’s pretty bad. On the other hand I was surprised that the number wasn’t even higher because… Hey wait a minute.

What about Social Security? It’s not on the list. What about Medicare? It’s not there either.

On further investigation, I found out why. “Social Security promises are part of current law and can be changed by Congress at any time,” I was told. Ditto for Medicare. And disability insurance. And survivors insurance. Etc. Etc. That’s a bureaucratic way of saying, “We can break those promises any time we want to.”
http://healthblog.ncpa.org/how-much-do-we-owe/
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Old 08-10-2012, 20:21   #2
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Old 08-10-2012, 20:36   #3
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Shelter your investments in Chinese goods!
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Old 08-10-2012, 21:40   #4
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Mafias wouldn't even do that. At least they have honor. Besides that, the government and mafia are pretty closely related.
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Old 08-11-2012, 05:50   #5
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Talking Here's what I think !

Originally Posted by Dirty Harry View Post
Shelter your investments in Chinese goods!
Yeah , do " The Mitt Romney " thing !
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Old 08-11-2012, 07:26   #6
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Originally Posted by Carpshooter View Post
Yeah , do " The Mitt Romney " thing !
Or we could do the Obama thing and pi$$ it all away. Then add more crushing debt, claiming that it will help the situation.
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