I don’t have $106,000 laying around, do you? That’s your share of the national debt. Do you think anybody ever plans to pay it off? I don’t. The criminals in Washington can’t tax and spend fast enough, and the debt will be $20 trillion by the time Obama tap dances out of office on the way to the golf course and $250,000 speeches to community organizers. This country is sunk, thanks to spendthrift politicians. At this point, all we can hope for is a collapse and reset. We’re doomed.
Harvard study: Your share of the federal debt is $106,000
By Paul Bedard | APRIL 10, 2014
American workers would have to cough up a one-time “debt reduction fee” of $106,000 to pay off the nation’s debt that has grown 58 percent under President Obama, according to Harvard University’s Institute of Politics annual report on the USA.
The 91-page report provided to Secrets pegged the nation’s debt at $16.7 trillion, up from the $10.6 trillion inherited by Obama. “The debt has grown so quickly because of large and repeated annual deficits in federal spending,” said the report.
What’s more, the Annual Report of the USA, from the student at the Harvard Political Review and done in partnership with the American Education Foundation, found that food stamp usage has surged 77 percent during the recession and that Social Security benefits will be slashed 23 percent starting in 2033 unless Congress and the White House institute sweeping reforms.
The report is considered one of the nation’s authoritative independent analysis review of federal spending. One of the best benefits of the report is that the authors try to put huge numbers like the debt in perspective.
“Such large sums are difficult to conceptualize properly,” said the student authors in their report.
“If the federal government spent its yearly revenues exclusively on debt reduction and ceased all of its operations, it would take three of four years to pay down the debt. Or, the government could pay down the debt in one blow if it simply took more than $52,000 from every person living in the U.S., including children, the elderly, and the unemployed. If this one-time ‘debt reduction fee’ were levied only on those in the workforce, the cost would be over $106,000 per person,” warned the report.
It also revealed how desperate American families have struggled during the recession that struck at the end of the Bush administration and has lasted through Obama’s two terms: food stamp participation has surged 77 percent and funding more than doubled to $71.8 billion.
Harvard said that from the beginning of the recession in late 2007, average monthly participation in the program jumped to historic levels and an annual bill of $30.4 billion.
The news isn’t much better on the Social Security front: “Without reform, Social Security beneficiaries will face a 23 percent benefit cut in 2033. By 2087, beneficiaries will receive 28 percent less than calculated under the current benefit formula.”
And these dire stats leave out the true debts coming due over the next 20 years.
The reported “debt” does not include the payment of trillions in federal, unionized, retirees.
There is not enough private money, nor jobs, to support them anymore.
$106k each wouldn’t even start to touch the real debt, as it would begin to grow even before the ink was dry on our tribute.
I’m a numbers girl and this shit boggles my mind to the point of shut down.
That which cannot remain, won’t.
None of this is sustainable. We’re long past the day of reckoning. Only war, fiat, entertainment and drugs of all kinds is allowing the inevitable to be postponed.
Let the interest rates reset to the Paul Volker era and we’ll see the real fun in the National Debt .
The only way the debt will be paid is to print money out of thin air to pay it. That much inflation will trigger SHTF moment that will degenerate into a society without rule of law.
Above all else be armed.
This is only the tip of the iceberg. If they used GAAP, the debt would be an order of magnitude larger.
If you exclude from consideration government “workers,” the situation is even more ridiculous. The portion of debt each private sector worker would be saddled with is something closer to $1.5 million – EACH! And that doesn’t account for the looming student loan debacle, the multi-trillion dollar shortfall with the FDIC, Fannie/Freddie obligations, or the perennial losers called AMTRAK and the Post Office.
It comes down to choosing a debt jubilee or hyperinflation. The math can only be ignored for so long.
I was just going to write a check, and then Teresa had to shit (metaphorically) all over the place and depress the hell out of me even more.
I’m going to take that fiat and buy a load of toilet paper now, maybe I can use it for trade purposes later.
Free Shitters get an average of $40,000 / yr. In Hawaii, it’s $60,000 !!! Over just a 10-year period, that’s four hundred thousand fucking dollars.
Meanwhile, I estimate that over my LIFETIME I’ve received $10,000 in benefits …. 90% of that being monies received via the GI-Bill.
The way I see it, the government owes ME $390,000.
I owe $106,000? hahaha The government can go fuck itself. If they want their money back they should go after the Free Shitters. Leave me (and, you) the fuck alone.
http://halfwaytoconcord.com/average-welfare-recipient-gets-40000-per-year/
I don’t think we’re talking about Austrian immigrants here.
If the government wants their money back, go get it from the Mexicans.
[img]http://www.heritage.org/~/media/Images/Reports/2013/05/sr133/SR-immigration-costs-2013-chart-5.ashx[/img]
Damn this country! If we would just secure our boarder with Canada, we would not have all these freeloading Canadian immigrants getting free shit! Don’t even get me started on all the swedes either…
Judge Millian is a hot judge.
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Judge Judy … not so much
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I was watching People’s Court the other day. Yeah, I like that show. It’s the real UNSCRIPTED reality show. Real people, real cases …. a slice of life, if you will …. tragic at times while at other times really quite funny. Besides, Judge Millian is a hottie for her age. (see above)
So, here in a nutshell was one of the cases;
PLAINTIFF: A 20-something neegrow, (hitherto, YN) fairly attractive. Has no job. Her witness was her sister – a nasty looking woman with that negroid gorilla look, (hitherto, GN). YN is a renter.
DEFENDANT: A middle-aged divorced white woman. Breast cancer survivor. Has four active jobs. Four! Needed to pay for her medical bills, support her family, and pay the mortgage on two homes. One home is where she lives. The other home she bought to rent, not as an investment, but to help poorer people. She is very religious. She is the landlord.
THE LAWSUT: YN is suing Defendant for about $4,000 for Loss Of Property that was stolen from the house. Claims that defendant was negligent in providing a secure place to live.
FACTS OF THE CASE:
1)- YN receives Section 8 assistance. The rent is $750. Judge Millian asks YN “How much do YOU pay out of pocket?”. Wanna guess? Go ahead …. I’m waiting …… you got your figure in mind? ……… well, do ya punk? …….. ok, here it is ……….. $2. Nope, that’s not a typo. That’s two mother fucking dollars.
2)- The utility companies shut off the water and electricity because of several months of non-payment. YN blames the landlord.
3)- Landlord eventually — after very long delays and numerous attempts to work something out with YN – is forced to start the eviction process.
4)- This pisses off YN … who proceeds to slash all the screens and breaks windows. This is how robbers broke into the house. YN still blames the landlord.
5)- Landlord goes to the rental property to survey the damage. While there, GN (Gorilla Negro) verbally abuses the landlord …. and then chases her with TWO hammers!! (There is a separate criminal case.) GN then proceeds to smash landlord’s car with the hammers. (Pictures as proof were provided.)
6)- OK, regarding the stolen property. YN made a big deal about her 50 inch plasma flat screen TV. Other items included a laptop, iphone, and rather expensive clothing. I guess that’s possible if you don’t pay your $2 rent, or your utilities.
7)- Defendant countersued for about $3,000 — rent, utilities, and property damages. Da Judge dismisses the Plaintiff’s case, and rules in favor of the Defendant in the countersuit …….. but not before reading the Riot Act to YN and GN.
8) Immediately after the verdict the camera zooms in on YN & GN and this is what they say – “Ain’t no big deal. Dey ain’t getting dat money either”.
It’s hard not to be racist in this country.
Yup, sue em for ten million or $3k. End result is still zero.
Stucky says:
“If the government wants their money back, go get it from the Mexicans.”
My granpa asked, Which Judas? There are two: Judas Thaddaeus and Judas Iscariote.
I wonder if you mean Mexican Mexicans, Central American Mexicans or South American Mexicans. The term Mexican is almost as generic as ‘White’. Here in SoCal, anybody and everybody who is of the brown persuasion is called Mexican.
El Gringo says:
. Here in SoCal, anybody and everybody who is of the brown persuasion is called Mexican.
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O rly. Then please to explain the term, Tehrangeles.
It is also called Mexifornia, you know I was speaking of latinos. Outside of what is known as Gringolandia, we have all kinds of people here, I have said that before. Let’s see, Indians, Iranians, Joos, Koreans, Chinese, Japanese, Russians, then we have that great mass of unwashed called Mexicans – did you not read Gayle’s post a few days ago?
“I wonder if you mean Mexican Mexicans, Central American Mexicans or South American Mexicans” ——– El Gringo
ILLEGAL Mexicans from all those places.