$130,000,000,000,000

[Phatscotty]

The zeroes in USA's Unfunded Liabilities are starting to look like Links in a Chain of Bondage.

[Trephining]

starting?

[Phatscotty]

Seriously, what do we tell our kids? They will pay this debt all their life.

Eventually, the new generation will revolt.

[rockfist]

We tell them the truth. We failed them. When this regime took oraface I literally wept for my two small kids.

How much is enough?

[Phatscotty]

(CNSNews.com) – Federal Reserve Chairman Ben Bernanke delivered a frank assessment to Congress on the fate of the economy if entitlement programs are not restructured. On Wednesday, Bernanke warned that “things will come apart” if Congress allows the federal entitlement programs and the deficit spending they cause to continue on their unsustainable path.

Speaking at a hearing of the House Budget Committee, Bernanke offered his dire prediction after being asked what would happen if Congress did not take action to head off the impending crisis brought on by unsustainable entitlement spending, led primarily by Medicare.

“The entitlement programs are not self-funded,” Bernanke said, “they are unfunded liabilities. They are the single biggest component of spending going forward.”

President Obama - "Another 50 billion please."

[tdans]

ROFL.. Obama has it all under control man.. Running out of money??/ well.. Print some more,,, VIoALA!!! Fixed

[the.killing.44]

I like to vloala.

[Army of GOD]

It's a capital I [eye], el.killing.quatroquatro

[john9blue]

I try to convince myself that my generation (current college kids) won't be the ones screwed by mounting defecit, global warming, retiring baby boomers, or whatever other messes we're hurtling ourselves into. At least I'll probably have a degree before the shit hits the fan.

I'm up for a revolt at least.

[Phatscotty]

An interesting post from a treasured source

I live in a totally rural area of North Western Connecticut. I firmly believe that utilities are not one of your civil rights.

There are 14,000 gallons of buried fuel made up of heating oil, diesel and gasoline. The entire property can be run by my 2x 20,000 KW marine diesel engine electric generators without any need for conservation. There are four drilled wells that feed into an underground holding tanks room in which there are two 4500 gallon tanks with only their face showing on one wall.

The 9000 gallons of fresh water goes from the underground room into a 500 gallon holding tank in the house. I have three distillers that make water as Connecticut water is always hard. There are intruder lights at all entrances to the property. All driveways have metal detectors.

There is a 16 camera 24 hour security system that plays on any computer I use. The security system not only shows the office entry but also scans the property and inside the barns. They can be downloaded onto a hard drive and take recorded pictures, time dated, triggered by motion.

I have a 65 foot indoor pistol range capable of taking .50 caliber rounds into a Detroit bullet trap underground in a field. The range takes 800 cubic feet of air down range and exhausts into a field so you do not die from inhaling your hobby.

We do farm equipment and auto repair, painting, carpentry and masonry (with the exception of chimneys) ourselves.

We have a heavily populated 90,000 gallon fish pond. My root cellar is 16 by 16 by 10. My long dormant hen house is being resuscitated.

We are over ridden by deer and in need would have no problem laying up meat.

The equipment required for all tasks from farming to all kinds of hunting is in over supply. I am trained in all the talents of taking care of myself.

Having spent many years living in developing nations in Asia and Africa, this is simply how I have lived.

Why you ask, in North America? The answer is simple.

It follows directly on Bill’s question today concerning the proverbial but purely semantical argument of inflation vs. deflation. Hyperinflation, a currency event which is certain to occur, will disrupt for economic reasons the distribution of food, bottled water, medicine and utilities.

The currency event will be that of the entire Western world, not simply the dollar. It is not the lack of these items as much as it is the disruption economically of the means of distribution that require us all to think beyond the norm.

Vacation homes in rural settings are smashed price wise. Owning such a residence might enhance normal family life, and become an island for those few months when distribution collapses due to hyperinflation.

Don’t laugh, it is going to happen to some degree.

The most fun is my garden pictured below. A garden plus a root cellar means storage over the winter months for important natural food items. Our apple crop, that which is not made into sauce or cider, goes into a walk in frost room for preservation.

[the.killing.44]

It's a capital I [eye], el.killing.quatroquatro

vioala

only a letter off, 2 wrongly placed ones, and a missing accent now.

[maasman]

I'm still amazed by all the hate on the current people in power. This has been in motion for the last 20 years when the deficit slowly began to skyrocket. It's no one's fault but ourselves for electing these people who have no money management skills and can't seem to find an appropriate solution either.

[Knight of Orient]

This has been in motion for the last 20 years when the deficit slowly began to skyrocket.

i fail to understand how slowly and skyrocket coincide....

[jleonnn]

ROFL.. Obama has it all under control man.. Running out of money??/ well.. Print some more,,, VIoALA!!! Fixed

Great, then there will be mass inflation and then the US dollar will be worthless... Doesn't sound so good....

[maasman]

This has been in motion for the last 20 years when the deficit slowly began to skyrocket.

i fail to understand how slowly and skyrocket coincide....

Thats the point.

[grifftron]

MCCAIN 2012!!!

[TheSaxlad]

$130,000,000,000,000...

Is the debt that the British Govt Currently Have....

[jaimito101]

so you suggest during the crisis to lower governement spending, send governement workers home, and increase taxes?

great idea!

[TheSaxlad]

I know right! Brilliant. Absolutely Brilliant!

And Put emphasis on private businesses rather than public services. Self-Help Here we come!

[jaimito101]

americans will max out their government spending untill there's no way back.

then when their country is bankrupt and there will be no more future in the promise land, they'll probably be scrambling, climbing over fences and digging tunnels to immigrate to mexico, where life will be good and they can enjoy margaritas and juanitas in peace and sunshine.

[Pedronicus]

This has been in motion for the last 20 years when the deficit slowly began to skyrocket.

i fail to understand how slowly and skyrocket coincide....

Exponential Graphs start slowly, then sky rocket. That's what we're in right now.

[Baron Von PWN]

We tell them the truth. We failed them. When this regime took oraface I literally wept for my two small kids.

How much is enough?

If a whole regime took my oraface I would be weeping too! (sorry I couldn't resist)

[Baron Von PWN]

To reply somewhat more seriously, it might interest some people to see what Russia did in the 90's. They basicaly cut all services and just stoped paying their debts, which had allot of interesting consequences but now they have just about 0 debt and have posted huge budget surpluses for the past few years. They also had at least pre-recession a huge currency reserve, I'm not sure if its still quite so big as it used to be now though.

Another somewhat less drastic case study could be Canada during the 90's the then liberal government went after the deficit and managed to slay it and then brought in modest surpluses for several years, right untill the conservatives took power. Fiscal responsibility has since gone out the window in an attempt to buy votes.

Anyways! all this is to say there are ways out of very high debt. You just need a government with the political will to tackle it and more importantly a population willing to support those decisions. So do not despair my Conservative friends the future is not all doom and gloom there are creative ways out of debt America tends to be clever and inovative you'l figure something out.

[Pedronicus]

Another prime example of debt is Argentina.

During WW2, they virtually fed the rest of the world, such was / is their arable land.

They told the IMF to f*ck off and took a couple of years of lawlessness, but if an Argentinian business said they wanted to buy some tractors tomorrow, what company would say no?

[Phatscotty]

I'm still amazed by all the hate on the current people in power. This has been in motion for the last 20 years when the deficit slowly began to skyrocket. It's no one's fault but ourselves for electing these people who have no money management skills and can't seem to find an appropriate solution either.

Who's fault is it when we are supposed to be responsible and stop, or at least slow down, but go full blast ahead??? The president 20 years ago?