Calm down, people. I got this.
Dallas Fed President Richard Fisher calculated that the government's unfunded liability for Social Security and Medicare alone comes to a staggering $99.2 trillion, or $330,000 for every man, woman, and child in the United States.
It's an impossible figure, but still on the low side compared to this estimate of $222 trillion published at Bloomberg.
The Deficit President spoke Wednesday about his plans to solve the fiscal cliff:
Key phrase is long-term.
The national debt has grown by $6 trillion since the Spender-In-Chief took office, and four more $1 trillion deficits are on the way before Obankster leaves Washington in 2016.
Check the debt clock and decide for yourself. Is there anything, anything at all, that appears 'under control' to you?
And guess what? Now that Democrats have convinced Boehner and Senate Republicans to support higher taxes, Krugman, Reich and other Keynesian troglodyte thought leaders have begun to call for increased spending until the economy improves.
That's right, people.
More beneficial, well-spent, never-wasteful, federal stimulus is on the way.
Seriously, read this, immediately.
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Obama's full speech (2 minutes):
Obama and Bernanke have been kicking the can for so long it's starting to feel normal. We've had nothing but stimulus since 2007 and little to show for it. Deleveraging from 40-1 is no simple task, even when the Fed is buying, and Brian Sack is drunk on the trading floor.
Here's the national debt truth from STR:
Excerpt
For the record, the national debt was $10.626 trillion the day Obama took office. Bush increased it by $4 trillion during his entire 8-year presidency and Obama demonized him. But by the time Obama looks at his calendar on January 20, 2013, he will have racked up more than $6 trillion in just four years.
Obama says, “When I walked into office we had a trillion dollar deficit.” That’s actually a blatant lie. When Obama walked into office Bush handed him a (still way too high unless you compare it to Obama) $400 billion budget deficit. That $400 billion was the deficit that Bush left Obama for fiscal year 2009, and then Obama loaded and larded it up with debt piled on top of debt.
Obama is blaming Bush for: 1) Obama’s $862 billion stimulus; 2) Obama’s $79 billion bailout for Government Motors; 3) Obama’s $410 billion Omnibus bill; 4) Obama’s $350 billion in TARP money that Obama voted for and that Bush left for him. That’s how you turn Bush’s $400 billion into Obama’s whining about a trillion.
Our real debt isn’t the $16 trillion ($6 trillion of which accumulated under Obama’s watch); it’s $222 trillion PLUS because of all the unfunded costs of Social Security, Medicare and Medicaid.
Related:
Obama On Letterman: 'Not Sure How Much The Debt Is'