So Much Debt

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How much does Uncle Sam really owe? There’s quite a kerfuffle in Washington over raising the Federal debt ceiling above $14.3 trillion. But what if we included as “debt” all the promises to pay our government has made? Add all the so-called unfunded liabilities and the total comes to a staggering $114.5 trillion. That amounts to more than 1,025,000 bucks for every taxpayer in the country. Are you ready to cough up your share?

Now here’s a wonderfully old-fashioned idea. John Garvey, the president of The Catholic University of America in Washington, D.C., is an awfully brave man. He wrote an op-ed piece in The Wall Street Journal last month, explaining why his institution is abolishing coed dorms. It turns out that the behavior of young men and young women is worse when they share a dorm. Garvey wrote: “Here is one simple step colleges can take to reduce both binge drinking and hooking up: Go back to single-sex residences.” I wonder how long it will be before the wrath of progressive educators falls on his head.

Getting paid a fortune to watch porn. An investigation at the Securities and Exchange Commission revealed that 31 employees spent most of their time downloading and watching pornography, rather than investigating possible financial miscreants. Seventeen of the porn watchers earned, on average, more than $100,000 a year.

Let’s dump this useless agency. Since 1985, we taxpayers have forked over more than $700 million to fund something called the United States Institute of Peace. We even paid for a gleaming new 150,000-square-foot office building near the State Department. Congress has held no oversight hearings on the Institute since spending $4 million to launch it in 1985. Yet every year it gets more taxpayer funds. The total for 2010 came to $66 million. Anyone see any reason to fund it one second longer?

—Chip Wood

Chip Wood

is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.