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« Green Energy Failures Leave Taxpayers On The Hook | Main | This Is Why They Don't Allow Guns In China »
Wednesday
Dec052012

'$4T Is A Joke, It'll Take $9 Trillion In Cuts To Fix U.S. Debt'

Robert Litan, Bloomberg Government director of research, discusses the level of deficit reduction truly needed to stabilize the debt-to-GDP ratio in the U.S.  Short clip.

Baby steps in deficit truth-telling.

Of course, it's all a matter of perspective, since $9 trillion is a drop in the bucket compared to the $222 trillion unfunded liability.  And it's highly unlikely Washington will even agree to the $4 trillion number.  Too many purple unicorns still dance upon the fiscal stage in the brain-dead ineptocracy of Capitol Hill.

UPDATE - Blink! U.S. Debt Just Grew by $11 Trillion

http://usdebtclock.org/

 

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Reader Comments (5)

Good luck with that debt ceiling O wants an unlimited credit card and that stuff about it only affecting the really wealthy that's a bad joke I've seen it for decades it always ends up with the middle class paying more and people like the bailed out buffoon make out just fine. Notice good ole crony capitalist warren never calls for them to close the loopholes he uses. Actually Dem's even now are against closing them after all his crony capitalist friends like Warren wouldn't like that and without that happening tax hikes won't really affect the really wealthy like him or gates anyway. So be prepared to pay up again middle class serfs!

Tax Payers With Income of Only $30,000 Face Annual Tax Hikes of $1,500

http://www.economicpolicyjournal.com/2012/12/tax-payers-with-income-of-only-30000.html

Detroit councilwoman to Obama: We voted for you, now bail us out

http://www.myfoxdetroit.com/story/20264712/detroit-councilwoman-to-obama-we-supported-you-now-support-us

Obama On Tax Cuts: President Rejects Republican Plan To Close Loopholes

http://www.huffingtonpost.com/2012/11/14/obama-tax-cuts_n_2131256.html

Obama stamps foot, demands no-limit credit card

http://dailycaller.com/2012/12/05/obama-stamps-foot-demands-no-limit-credit-card/

NY, NJ Officials Look To FEMA After $80B In Sandy Damage

http://www.myfoxphilly.com/story/20260065/ny-nj-officials-look-to-fema-after-80b-in-sandy-damage

Once again, what is the point of having a cap if it is just going to be raised?

FEMA may seek flood insurance bailout after Sandy

http://www.reuters.com/article/2012/11/14/us-storm-sandy-flood-idUSBRE8AD1NA20121114

$1 Trillion Bailout: Student Loans

http://teapartyeconomist.com/2012/12/03/1-trillion-bailout-student-loans/

Middle Class--Not the Rich or the Poor--Pay Majority of Federal Taxes, Says CBO Data

http://cnsnews.com/node/68094

How Buffett Saves Billions On His Tax Return

http://www.forbes.com/sites/greatspeculations/2011/08/17/how-buffett-saves-billions-on-his-tax-return/

Implementing Warren Buffett's Gift

The foundation must continue to satisfy the legal requirements qualifying Warren’s gift as charitable, exempt from gift or other taxes.

http://www.gatesfoundation.org/about/Pages/implementing-warren-buffetts-gift.aspx


The so called charities are quite charitable to the people running them

Warren Buffett Is A Punk


snip

Meanwhile, Buffett has given each of his kids a charitable foundation with billions each to manage. If a foundation has $3bb in it, then something like $90mm can go to salaries.

http://techcrunch.com/2012/05/12/warren-buffett-is-a-punk/

Buffett’s Betrayal (Buffett firms got $95 billion of bailout cash)

http://blogs.reuters.com/rolfe-winkler/2009/08/04/buffetts-betrayal/
Dec 5, 2012 at 4:29 PM | Unregistered CommenterLadyLiberty
The unfunded debt should be subject to some truth telling. They include Social Security in it and that's a lie the program is self funded and can't tax or deficit spend. The real debt and the interest on it is what people should be worried about and they would go a long way in correcting that by closing loopholes.

Is Our Debt Burden Really $100 Trillion?

http://www.nationaljournal.com/domesticpolicy/is-our-debt-burden-really-100-trillion--20121128

Loopholes see here

http://dailybail.com/home/4t-is-a-joke-itll-take-9-trillion-in-cuts-to-fix-us-debt.html


Tax Payers With Income of Only $30,000 Face Annual Tax Hikes of $1,500

http://www.economicpolicyjournal.com/2012/12/tax-payers-with-income-of-only-30000.html
Dec 5, 2012 at 4:39 PM | Unregistered CommenterLadyLiberty
Unfortunately it will still do nothing for the economy...
Dec 6, 2012 at 1:33 AM | Unregistered CommenterS. Gompers
Absolutely WRONG! Raise INTEREST RATES and watch the PIGS SQUEAL, the ROACHES RUN and an ESSENTIAL remodeling of the U.S. & World Economies occur. Yes, 10's of MILLIONS will DIE in the process. But among them will be 1,000's of the
.001% of Wealthy Americans currently eliminating the World's potential for Rational solutions to violent 'restructuring'.
Dec 6, 2012 at 3:50 PM | Unregistered CommenterJosephConrad
Well we could start be telling all these foreign aid countries that we send money to that the bank has no money left to give them.
Dec 6, 2012 at 7:20 PM | Unregistered CommenterSKINFLINT

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