Do you actually believe you are freeing America?

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From a USA Today study of government debt:

“Americans’ government obligations are five times what people owe for

mortgages, car loans, credit cards and other personal debt. The $ 57.8 trillion liability is the amount that government needs now, stashed away and earning interest, to generate enough cash to pay future obligations. The obligations are valued in today’s dollars and come due as early as in a few days, when Treasury bills mature, to as long as 75 years for Social Security and Medicare.

“Like an unpaid credit card bill, the balance grows every year – about $ 25,000 per household annually.

“Taxpayer liabilities grew 20% in the past two years, 13% above the inflation rate.

“What’s behind the increase:

“Medicare. The health care program for the elderly saw its long-term deficit grow $ 4.5 trillion from 2004. The causes: higher medical costs and an aging population. Not a factor: the new Medicare prescription drug benefit. It was included in the 2004 number.

“Social Security. The program’s deficit for workers and beneficiaries already in the system grew $ 2.5 trillion over two years. Reason: Each generation gets benefits greater than the last, so the program automatically gets more out of balance every year.

“Government retirement benefits. Pension and retiree medical benefits for civil servants and military personnel are more generous than those for private-sector workers. But government has not set aside as much money as private companies to pay the costs.”

The Law of Limp tells us why debts are doomed to grow to such proportions. Like the Fed, the feds flew into temptation…and limped back to sanity only reluctantly, hesitantly and partially. They were quick to loosen the purse strings and slow to tighten them. Deficits were many; surpluses were few. The red numbers burgeoned; the black ones shrank. The feds ran over the budget to counteract the downturns in the business cycle, but they forgot to run under the budget to counteract the upturns. And so, the debt mounted up.

During the administration of George W. Bush alone, more debt has been added than during all the administrations put together since that of George Washington.

But wait a minute, you may be thinking, “Isn’t there a war on? Isn’t that the real reason debts have exploded? And doesn’t it make sense to pay the costs of fighting a war – no matter how great they may be – so that future generations may live in liberty?”

We have two answers to this: “no” and “it depends.”

8 Comments
  1. Reply
    Joe U
    April 29, 2011 at 10:55 pm

    And, it’s only going to get worse with the tax and spend socialist types in power.
    More welfare, higher taxes, lower buying power thanks to min wage increases, etc., etc., H healthcare by the gov’t.

  2. Reply
    c s
    April 29, 2011 at 11:29 pm

    No. Within the United States, people are fighting.

  3. Reply
    Super Ruper
    April 30, 2011 at 12:06 am

    Should future generations of Americans face unparalleled debt so that future generations from other countries may live in liberty? That is the question. And if the answer is yes, is the US focussed on the right country for war? If we have only so much money to go around to spend on war, is Iraq where it should be focussed?

  4. Reply
    Brinlarr
    April 30, 2011 at 12:25 am

    takes money to run a modern society, the American health care system is a disgrace, the education system is lacking and with the small government foolishness services are delivered badly and expensively.
    governments exist to serve the people and this costs money, simply because one is richer doesn’t mean you should get better health care

  5. Reply
    Pfo
    April 30, 2011 at 12:39 am

    A lot of good posts on this question. First, to the asker, it’s not fair to compare previous presidents debts with this one’s by the numbers. You have to take into account GDP and economic growth. Still though, W has racked up lots of debt. It’s not just because of the war, his tax breaks don’t help the situation either. Although his tax breaks have also allowed our economy to blossom which may be the saving grace in the future. We’d be a lot better off if this Iraq war never happened, although arguing that now is a moot point because it already started (unfortunately). Forcing this problem of deficits on future generations may not be fair nor right, but hopefully they’ll be clever enough to overcome it, and it will shape their generation. Hopefully it will define them and they’ll learn from our mistake.

  6. Reply
    savageson7
    April 30, 2011 at 12:57 am

    One of these days…american idiots are gonna figure out

    America has degenerated into a big STAR SPLANGLED LIE

    but….meanwhile we have a war to fight and people to kill , medal to pin, and illusions to follow.

  7. Reply
    Dead Man
    April 30, 2011 at 1:08 am

    U.nited S.hits of A.ss it is not a free country

    U.S.A. a big existence mistake

    Gorge Washington the freak of nature should have stayed kissing trees he had a better use picking daisies.

    People say U.S.A. is a land of freedom i bet they changed their minds when they actually lived there.

    U.S. will be destroyed eventually and there will be peace once evil
    and evil countries like U.S. and Israel are completely destroyed.

    and that day comes ever so near…

    and I believe ill take part in its destruction

  8. Reply
    Balsabulb Y
    April 30, 2011 at 1:25 am

    “Do you actually believe you are freeing America?” Hey, when was the last time a terrorist showed up on your front lawn?

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