Posted 4:53 pm Thursday, December 13, 2007
December 13: United States Debt Numbers Mind-Blowing
A letter by Hugh Neeld "Over His Head", stated the U.S. National Debt is $9 trillion and referenced a number of Web sites concerned with the debt issue. Mr. Neeld might also visit uspublicpolicy.com for more information.
The Web site keeps track of the U.S. government's unfunded Social Insurance Obligations that is now more than a mind-boggling $45 trillion. (Note: Statements of Social Insurance Obligations are estimates of actuarial present values, based on the continuation of program provisions contained in current law).
Annual increases of these government commitments are higher than total IRS revenues.
The Web site contains graphs that make the numbers easier to comprehend. It also identifies specific defects in the laws and policies that have created these levels of unsustainable debt and political promises. The magnitude of the problems and proposals on how to fix the broken tax and welfare systems are clearly explained. It urged middle class voters to unite and apply pressure on those seeking office so they can be held accountable for essential reforms, if elected.
Middle-class workers pay two income taxes, FIT and FICA, that when combined is often a multiple of the dividends and capital gains tax rates of 15 percent enjoyed by the wealthy. This legalized public theft will continue until workers wake up and pressure politicians to change the laws that are pushing the U.S. government toward bankruptcy. The only way to stop it is to stop it!
Example: The Social Security Administration continues to proclaim that the Old Age and Survivors Insurance trust fund (currently $1.9 trillion) are invested in assets that will continue to grow until 2017. The public must understand the so-called OASI trust fund is not a real trust fund. It is a ledger of debt consisting of non-marketable U.S. Treasury IOUs, which can only be redeemed by higher taxes or more borrowing.
The annual interest of approximately $95 billion on the OASI Ledger of Debt is paid with more non-marketable IOUs. If defective policies are not quickly corrected retirees a few years from now will have to make the choice of keeping a pet or eating its food.
John T. Koraska
Tyler
The Web site keeps track of the U.S. government's unfunded Social Insurance Obligations that is now more than a mind-boggling $45 trillion. (Note: Statements of Social Insurance Obligations are estimates of actuarial present values, based on the continuation of program provisions contained in current law).
Annual increases of these government commitments are higher than total IRS revenues.
The Web site contains graphs that make the numbers easier to comprehend. It also identifies specific defects in the laws and policies that have created these levels of unsustainable debt and political promises. The magnitude of the problems and proposals on how to fix the broken tax and welfare systems are clearly explained. It urged middle class voters to unite and apply pressure on those seeking office so they can be held accountable for essential reforms, if elected.
Middle-class workers pay two income taxes, FIT and FICA, that when combined is often a multiple of the dividends and capital gains tax rates of 15 percent enjoyed by the wealthy. This legalized public theft will continue until workers wake up and pressure politicians to change the laws that are pushing the U.S. government toward bankruptcy. The only way to stop it is to stop it!
Example: The Social Security Administration continues to proclaim that the Old Age and Survivors Insurance trust fund (currently $1.9 trillion) are invested in assets that will continue to grow until 2017. The public must understand the so-called OASI trust fund is not a real trust fund. It is a ledger of debt consisting of non-marketable U.S. Treasury IOUs, which can only be redeemed by higher taxes or more borrowing.
The annual interest of approximately $95 billion on the OASI Ledger of Debt is paid with more non-marketable IOUs. If defective policies are not quickly corrected retirees a few years from now will have to make the choice of keeping a pet or eating its food.
John T. Koraska
Tyler
