posted May 29, 2009 11:18 PM         

Dennis Cauchon at USA Today writes:

Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises, a USA TODAY analysis shows. The 12% rise in red ink in 2008 stems from an explosion of federal borrowing during the recession, plus an aging population driving up the costs of Medicare and Social Security.

That's the biggest leap in the long-term burden on taxpayers since a Medicare prescription drug benefit was added in 2003.

The latest increase raises federal obligations to a record $546,668 per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.

"We have a huge implicit mortgage on every household in America - except, unlike a real mortgage, it's not backed up by a house," says David Walker, former U.S. comptroller general, the government's top auditor.

Anyone want to guess how we are going to pay off that debt? Bueller? Bueller?

If you answered, "by drastically increasing taxes on everyone from Bill Gates down to little Johnny's lemonade stand on the corner" you win a cookie.

The day of reckoning is approaching - on entitlements like social security and medicare as well as having to confront our unsustainable debt - and when it arrives, it will signal a crisis that will make us pine for the relative ease of this past year's upheavals.

posted May 30, 2009 12:33 PM         

"12% rise in red ink in 2008 stems from an explosion of federal borrowing during the recession, plus an aging population driving up the costs of Medicare and Social Security.

That's the biggest leap in the long-term burden on taxpayers since a Medicare prescription drug benefit was added in 2003.

The latest increase raises federal obligations to a record $546,668 per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined."

posted May 30, 2009 01:50 PM         

Perhaps you're not aware O'Bomber voted for every one of these budget busting spending bills as a Senator.

Perhaps you're not aware the demoscats are in control of the Congress and O'Bomber was a member of that Congress.

Perhaps you're not aware that O'Bomber has doubled and tripled down on the very same spending habits and added more debt to America than accumulated in more than 230 years of US history.

Perhaps you're not aware that O'Bomber wasn't satisfied to merely double the national debt in less than 3 months but his spending will double that again in only 4 years.

Perhaps you're not aware this is debt which must be repaid and that by 2019 the interest alone on the national debt will equal 80% of the entire US budget leaving only 20% for all other government functions and spending.

Perhaps you believe O'Bomber and the demoscats who say America can spend our way out of debt.

Perhaps you, like the rest of the O'Bomber Kool-Aid drinking crowd still believe only those who have income of $250,000 or more will have their taxes raised.

posted May 30, 2009 02:07 PM         

notice you didn't bother addressing the insane smear campaign being used against the chicano lady up for supreme court (ala gordon liddy thread).

perhaps you think the republican party is better for such idiots.

poor bush, couldn't do anything because of those crazy democrats. i wonder why so many people have voted for them? could it be they are fed up with the republican version of "go shopping to end the recession" and want to see some of that money invested in something that covers their arses?

perhaps i think most of your "lead articles" are over the top and misleading in the extreme.

perhaps you are just ****** off because real estate speculation is a deflated balloon right now.