Mind Boggling Numbers

November 15, 2009

No one, and I include those who run our government, has a clue as to how deep we are (as a nation) in debt. America is literally bankrupt, but we’re being kept alive by the rest of the world that is bankrupt as well. The U.S. advertized national debt is approaching $12,000,000,000,000.00. That’s a lot of ZEROS! And the Obama administration needs the Congress to increase the debt- legally.

The Obama administration is confident Congress will raise the country’s debt limit by year end to avert a showdown similar to the one that shuttered parts of the government in 1995, administration officials said.

The White House wants an increase of at least $1 trillion to $1.5 trillion, according to a person familiar with the deliberations between lawmakers and the administration. Record budget deficits are pushing the national debt closer to the $12.1 trillion statutory limit.

The administration’s request, higher than a proposed increase already passed in the House of Representatives, would get the government through the November 2010 midterm congressional elections without needing another increase. Earlier this month, Treasury officials acknowledged they’ll need more borrowing room by year-end to avoid market disruptions.

But, the picture is much worse if you include these numbers:

>The social security liability is close to $14 TRILLION
>The prescription drug liability is close over $18 TRILLION
>Medicare liability is closing in on $75 TRILLION
>We’re adding $1.5 BILLION+ a year in debt
>We owe the rest of the world $3.5 TRILLION

I could list another two dozen scary numbers that mean nothing to us as they as so large; however, you can see them and weep at http://www.usdebtclock.org/

In fact, it might help us get a grip on things if we were forced to spend a day being taught what all the numbers on this one page web site mean, their implications, and what they say about the future. Forget about 2012 and the movie. We’ve got our very own horror story going on in the government.

Written by Ernie · Filed Under Daily Commentary