[smiley]

The US government released its Annual Financial Report. In it are some very interesting facts. But the reals stunning part is the deficit (page 11).

http://www.gao.gov/financial/04frusg.pdf

It shows that the balance, or Total Assets minusTotal Liabilities and Net Responsibilities increased from:

- $35 trillion (!)

to

- $46 trillion (!)

That is an whopping $11 trillion increase, or a 30% increase from the 2003 total or 1.4 times all the public debt that the United States has collected in its entire existence.

[Jack]

That's amazing. If one combines peak oil with fiscal insanity, I wonder how anyone can conclude that a soft crash will be the outcome.

[spot5050]

$this->bbcode_second_pass_quote('smiley', 'T')he US government released its Annual Financial Report. In it are some very interesting facts. But the reals stunning part is the deficit (page 11).

http://www.gao.gov/financial/04frusg.pdf

It shows that the balance, or Total Assets minusTotal Liabilities and Net Responsibilities increased from:

- $35 trillion (!)

to

- $46 trillion (!)

That is an whopping $11 trillion increase, or a 30% increase from the 2003 total or 1.4 times all the public debt that the United States has collected in its entire existence.

[gnm]

Well according to the CIA world factbook the US has a GDP of $11Trillion "purchasing power" whatever that means. So personally I'm pretty freaked out by having a deficit that is 3-5 times the GDP. Realistically has any country in history ever survied deficits of that level? I mean over a period of decades? Nope..


-G

[FoxV]

I would liken this to a person's total debt including house mortgage so the numbers only make sense when compared to the person's income.

So what's the rule of thumb, if total debt exceeds your gross income by a factor of 4 your over extended.

Anybody have numbers for the US governments income

edit---
I personally think your in trouble with a debt more than 4X your gross income, not just over extended

[smiley]

$this->bbcode_second_pass_quote('', 'A')nybody have numbers for the US governments income

[Claudia]

$this->bbcode_second_pass_quote('', 'I')t's 1.8 trillion. That's why I put the exclamation marks at the numbers. The US is certainly a big country but not that big. However most of the $45 trillion is not interest bearing debt, like a mortgage. 'Only' $8 trillion is interest bearing debt.

Most of it are future obligations to pay like Medicare, pensions and social insurance. When you break that promise the deficit disappears. So that is what is going to happen. Somewhere in the future they are going to say: "Sorry there is no money, forget Medicare".

[MD]

As stated before, our government is "spending money like there is no tomorrow".

They either are being profoundly foolish, or they do not believe there is a tomorrow.

[jaws]

$this->bbcode_second_pass_quote('MD', 'A')s stated before, our government is "spending money like there is no tomorrow".

They either are being profoundly foolish, or they do not believe there is a tomorrow.

[FoxV]

$this->bbcode_second_pass_quote('Claudia', 'I')'m really depressed that nobody seems to be upset about this, out in everyday life.

[Cool Hand Linc]

$this->bbcode_second_pass_quote('', 'I'), Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section to do hereby prohibit the hoarding gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of the order:

[joewp]

$this->bbcode_second_pass_quote('jaws', '')$this->bbcode_second_pass_quote('MD', 'A')s stated before, our government is "spending money like there is no tomorrow".

They either are being profoundly foolish, or they do not believe there is a tomorrow.

[LadyRuby]

I believe Bush, Inc. is the first US president to cut taxes while at war, mostly for the wealthiest Americans. Wrong man, wrong time, for too many reasons to name. I once heard someone say on NPR's Smiley Tavis show something like if Bush had been a black man, he wouldn't have been elected president of the local money mart.

[CalgaryEng]

joewp alludes to an important point when he mentions that Bush is a born again christian. In my day to day life I tend not to encounter the beliefs of a signficant proportion of the population. I forget that there are tens of millions including Bush who believe that the god thing they believe in will soon end the world as we know it and establish some sort of theocracy with jesus christ in charge. The problems we identify concerning resource depletion and environmental degradation are completely irrelevant. Only a pinko atheist tree hugging commie is concerned about such things. People of true faith know that the god thing will provide for them and clean things up after they get rid of athiests like me. I think they are in for a surprise as things get really bad and the rapture does not occur.

When I travel I sometimes listen to the fundamentalist radio stations to remind myself of the sort of people who have significant power in the world today. Peak oil is just not a problem. The only important issue is your personal relationship with jesus christ. I cannot imagine how one could get one's head more deeply buried in the sand.

[shortonoil]

.

CalgaryEng said:

$this->bbcode_second_pass_quote('', 'W')hen I travel I sometimes listen to the fundamentalist radio stations to remind myself of the sort of people who have significant power in the world today. Peak oil is just not a problem. The only important issue is your personal relationship with jesus christ. I cannot imagine how one could get one's head more deeply buried in the sand.