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U.S. Government Has $62 Trillion In Unpaid Promises

June 9, 2011 by  

The U.S. debt increased significantly in 2010.Recent analysis from USA Today showed that the United States has $61.6 trillion in promises that have not yet been paid for.

The news source reports that last year the economy fell apart at a rapid pace under the watch of President Barack Obama, with $5.3 trillion in new obligations added last year alone. The amount of unpaid promises held by the U.S. amounts to $527,000 per household.

Corporations would be obligated to report such future promises to their shareholders, but the government does not add the expenses until the money is actually paid out, according to the news provider.

Another report, this one from the Treasury, found that America’s debt will be larger than the size of the economy this year, something that has not happened since World War II, according to the Chicago Tribune. Specifically, the debt-to-GDP ratio is expected to be 102 percent.

Representative Dave Camp (R-Mich.) said that the report showed “why any increase in the debt limit must be paired with significant spending reductions and real entitlement reforms,” reports the news provider.

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  • TIME

    Completeley wrong rep Dave Camp, We don’t need any NEW spending at all as in for any reason, nor any new higher Dept limits set.
    So there is nothing to talk about but one single ray of light; CUTTING ALL Federal spending. End of story.

    OK, now lets review there is {no good reason} to raise the dept level, why was that again? Thats right, there is “NO good reason” at all.
    Nothing, nada, what value have we as a nation gotten out of the current set up? Why would anyone want to go deeper into the red?
    Explain the logic of if, you spend more than you take in how will that will fix the problem of overspending?

    I mean really this sounds like my firends 16 year old girls logic, where she was given a New Shelby Mustang for her 16th Birthday last week, plus $10 K in cash and a big party, of what she spent all the money in just one afternoon yet now wants more, as she lets everyone know now that her daddy is just to cheep.
    Folks is this not what the people in DC belt way sounds like?
    Spolied rotten kids.

    Cut Spending, Cut again, then just keep right on Cutting until it hurts to cut anylonger. And we still will be overspending on something that I am totaly sure of.

    Now thats the message all of Congress should have flowing from their mouths, not this type
    {we will rasie the limits of dept, if spending cuts are made.}

    Look, in business you never know what later will bring in the way of problems, so always have a extra money held back for the lean times.

    That way when something happens, aka a Natural issue like a huge storm, or what ever you can ride out that storm as you have extra cash and what ever provisions put away for that nasty day.

    No business in history has ever made it by spending more and taking in less for long period’s of time.
    Hell that’s not even logical to a 100% total idiot.

    • lkar

      $62,000,000,000,000 doesn’t mean a whole lot to most of the sheeple. They are more interested in the weiner cam.

      • Tom S

        Could be more correctly called the “vienna sausage” caper.

        • BigBen

          Tom S.,
          LOL

          It did not look like a vienna sausage to me. Not that size matters.
          BB

        • Average Joe

          It looks like another “member” of congress has been “exposed”…..who woulda thunk?….lmao

      • http://N/A John

        If weiner was not so busy playing with it….maybe he could see the debt instead of lying about how much we were in. Also, not so long ago there was the pic of the democrats playing cards on their computers and checking sports scores etc when they were supposed to be addressing something other than their private parts. And maybe even this would be OK if they would just stay out of the way of real progress. Like obama they prefer to be the blisters in the heal of progess and keep spending and appropriating money that we do not have. obama has got to go, he is killing us and all of our freedoms. VOTEVOTE obasma OUT 2012!

        • Tom Key

          How curious to see the suggestion that the destruction of our government is blamed on an administration that is accused of being “communist”. Our government was in fact destroyed by the oligarchs who despise “regulation” and the equalizations required to maintain a Free Market. We now have the first administration in a decade which leads on the basis of Republican principles. We who love liberty and freedom can see this fact. Every day.

    • Dan az

      Time
      (No business in history has ever made it by spending more and taking in less for long period’s of time.)
      Unless they know they are going to get bailed out.

  • NancyJ

    I keep reading about the bad entitlements.

    What about 16 agencies all doing the same thing. Isn’t this an entitlement??

    What about “special retirement and health care” for both Houses?? Isn’t this an entitlement??

    Just wondering……how many more “entitlements” can be found within government without raiding Social Security and Medicare.

  • http://burkecomputers.blogspot.com/ DanB

    Never mind that to get spending to still happen, the government is “robbing” even more of the funds and promises, thus guaranteeing we will have even more unfunded liabilities (as if government was truly funded in the first place) in the future.

  • http://www.easyinvest.co.za peter

    I am no economist but in real terms my understanding of life is that you can’t spend more than you make, but then I do not have a credit card or an overdraft so I can’t get into debt. No one was ever able to explain to me how one could get out of debt by borrowing money. The real way is to work at paying the debt off so maybe the Obama camp should have another think and work out a new plan – tighten their belts a trifle. Spend less on holidays, golf and shopping sprees for his good lady huh? That’s just for starters. But then maybe he wants to bleed the USA dry or haven’t we thought of that.

    • Tom Key

      It IS obvious that there is a caucus of predators who really DO want to continue to “bleed” dry what used to be the largest source of wealth in the world — referring to the PRE-Reagan middle class of America. After Reagan unleashed the banks from regulation, the predators descended upon the middle class, picking away at its prosperity using debt and credit schemes. This eventually resulted with the “investment bankers” wholesale removal of equity in the period from 2006-2008. Predators removed trillions of dollars of credit which they liquidated into private transfers to themselves. The Government did not take this equity out of the system, and nor did the man WE elected as our President. Now, we do still have the problem with the predators.

  • Doc Sarvis

    “…$5.3 trillion in new obligations added last year alone…”

    So even IF President Obama’s administration had double that in his previous year (i.e. $10.6 trillion) the majority of the total of $61.6 trillion was inherited from previous administrations. As I recall the previous administration was not at all concerned with deficits and borrowing to fight unnecessary (immoral) foreign wars. Wish someone would have spoken up back then as well.

    • Bob Marshall

      true. This problem has existed for years. it just gets worse each administration.

    • http://personalliberty.com frank

      Doc still blaming Bush .The dem.party took over in 2007 and obummer has been in for two and a half yrs. Obummer owns this economy now along with a couple of wars!!!.You are hopeless!!!.

      • Tom Key

        @frank and the hatemongers, Doc and Marshal are not only correct, but their facts and “solutions” remain unassailed. In fact, the detractors only reveal themselves as stools of the oligarchs who want to turn this country into a “third world” — with no infrastructure, and no middle class that might threaten the top 1% who pay no taxes. Big thank you to all fellow citizens who take the time to show we have real solutions available to us. We have no intention of ignoring the Causes of the crisis which has been created for us.

  • Bob Marshall

    i see numerous ways to lower our debt. Stop spending billions on our industrial military complex. bring our troops home. Colse all unneeded bases around the world and in the US Do we really need 1800 bases? Consider going back to the gold standard. hold congress accountable for every dollar they spend. Audit the Federal Reserve. Stop paying contractors in Irag and Afghanistan.Consider change the tax structure so it is fair for everyone. Reduce the size of the government in the Whitehouse by up to 30%. Reduce the number of lobbyist. Cut back on all government employess including Homeland Security and FEMA. Stop sending billions to bail out other countries. That means the IMF.Stop wasting money set aside for Social Security and Medicare. Stop bailing out banks and corporations. Find away to bring companies back to America from foreign lands. That would open up more jobs.If not, then tax them heavily on the products they send to the US. The use cheap labor and tax little to no taxes. Stop giving big banks big tax breaks. Spending is not the way to save. Stop these illegal wars. They are wars to the people that are dying. reduce the funds for NASA. Change the way the CIA operates. Without them training terrorist to assassinate and over throw goverments and replace the leader with one usually even more ruthless there would be no wars.

    • eddie47d

      Thanks Bob Marshall. Someone who see the problem from both sides and making everyone accountable for wasteful spending.There is no sacred turf whether with Democrat or Republican spending.This is a mean crises with only ugly solutions.

    • Libertarian

      You are ABSOLUTELY right, Bob! That is the Only way to go & were it not for the fact that some politicos will pay with their own jobs (or something else… remember, JFK?) it would have been done decades ago!

  • Gatesville_Keith

    Just Say no to raising debt limit until washington gets a handle on it’s own affairs. No matter what cuts they claim will just be a game. I will make every effort as an individual to get anyone out of office that saupports a debt increase.

  • Gayle

    Let’s vote some adults in office. Someone who does not have to pay-back for the election. Get rid of lobbyist period. A real American would be great even if he was homeless and not a dime to his name. I don’t understand why how much money a person has should matter, in fact, if they have money we should look closely at how they obtained it. Let’s get some real public servants that know how to balance a budget, care about America, and can stand up to the media and this radical party we have now. If they raise the debt limit we should start looking for cover.

    • Tom Key

      @ Gayle. You seem like a kind person, with sincere concerns. I am sure you are not one of the hatemongers of either the left or the right which are really both the same. However, do you have no memory of what it was like being “led” by previous administrations? Now we have an administration which is more transparent, with a leader who genuinely how a President of a Republic (not a “decision point” power usurper) should act. Please do not believe the accusers who speak without any data or proof. Our unity behind an informed and intelligent leader is our one hope, and it is what we still have. It is a refreshing change.

  • Bert Cundle

    LOOKS LIKE A SCAM… Reporting debts for EXTORTION!

    • Bert Cundle

      Where are our DEFENSES?

  • home boy

    so what number constitutes bankruptcy ? time to change the system and next time no politicians.

  • Hal F square

    REFERENCE: Per a recent analysis from USA Today (June 7, 2011) it showed that the United States has $61.6 trillion in promises that have not yet been paid
    for.
    “The amount of unpaid promises held by the U.S. Government [that have not been paid for] amounts to $527,000 per household” [members]
    COMMENTS per underlines: With respect to the statement made: “Corporations would be obligated to report such future promises to their shareholders,”— The first question arising is: What if the U.S. government in D.C. is in fact a corporation as we find under Title 28, Section 3002 (15)(A)(B)(C) and furthermore as registered in the Delaware State’s Corporation Index being a “Non-profit” corporation, under the name: UNITED STATES OF AMERICA, INC. registered per File Number: 2193946, on 4/19/89 (represented by some unknown Registered Agent), are we as household-members then not in fact its ‘shareholders’? — The second question arising is: As it appears the $62 Trillion alleged debt-amount is merely a fictionalized illusion, which amount can at the outset only be “DISCHARGED” as opposed to as promised: “PAY TO THE ORDER OF”. It is a provable fact that there are not enough currency-notes (fed res. money) floating around to equal the $62 Trillion amount or the $Half-Million us “shareholders” (Are we not the COLLATERAL?) are stuck with, so how can we be expected to physically PAY OFF any of these fictional amounts, while the money-printing-presses are still working O.T. to catch-up with these huge numbers as they are being thrown around?

  • BigBen

    My thought.

    This whole debt thing, out of control spending crap thing is a plan to get money from the EU relieve fund. In order to get that, U.S. must change its Govt. style to Socialism. We must loose control of our freedom and allow NATO, EU some control of us.

    Hell no! It will not happen. We must replace Obummer with someone better, more Pro-America, Pro-U.S. Constitution, Pro-Freedom, which means to fire all TSA molesters, and more.
    Restore America!

    BB

  • Dan az

    During the month of March, according to the Treasury, the federal government grossed $194 billion in tax revenue and paid out $65.898 billion in tax refunds (including $62.011 to individuals and $3.887 to businesses) thus netting $128.179 billion in tax revenue for March.

    At the same time, the Treasury paid out a total of $1.1187 trillion. When the $65.898 billion in tax refunds is deducted from that, the Treasury paid a net of $1.0528 trillion in federal expenses for March.

    That $1.0528 trillion in spending for March equaled 8.2 times the $128.179 in net federal tax revenue for the month.
    Change anyone no really anyone got any change?

  • Bob from Calif.

    Cut,cut,cut,cut,cut keep cutting spending until the problem goes away. If there is no money then there is no money, enough is enough. If that means getting rid of all of the redundant and useless government departments, then so be it. Get rid of the Federal Reserve since its neither federal or a reserve. Arrest, tar and feather all the evil banksters that caused the derivative bubbles to burst and lets get this country back on track.

  • Janice Fortin

    The debt is higher than America can manage to pay. And in comes a completely unknown entity voted into office on the only quality known is his oratory ability. His buddy in Federal Reserve is printing
    worthless paper $. Mysteriously, all these large countries, MINUS USA,held a meeting in the beginning of 2011, for the express purpose of proposing that the American dollar be dropped as the world currency, replaced by another. Apparently, there was some sinister reason for the new president to bail out unworthy banks and a gov
    takeover of private companies…..to BREAK AMERICA ASAP so that the dollar would be discont’d as world currency also ASAP. There can be no other reason for this than to DESTROY AMERICA. The symptoms of unheard of gas prices and food cost spiraling, and (be they undeclare) SOCIALISTS fighting for open borders, amnesty, the nightmare of legalizing aliens in USA, are all there. Yet, Americans are still unmotivated to act. A huge alarm has been heard that the dollar will be dropped as world currency within a year. The utter incomprehensible stupidity of even considering to reelect the horror that is in the white house means don’t complain when he drives you starving in the street. If the dollar is dropped, THERE IS NO COMING BACK FOR AMERICA! The fullfillment of intense effort by the elite
    for CORRUPTED ONE WORLD ORDER.

  • chrismth

    I agree with the ‘cut’ philosophy, but how can I (as a typical citizen of this amazingly great country) effect any change at all when we have a president with absolute power that is clearly corrupt, has a hate for his country and citizens and are strapped with an inefficient, worthless congress that are payed a fortune to play games with our lives and futures and appear busy like they are actually doing something.

  • Dan az

    “Christ drove the moneychangers from the temple and was crucified 4 days later.”
    Kennedy tried to stop them two weeks later he was killed.
    Does anyone see a pattern here?The only one that is willing to take them on is Ron Paul and has been for the past 30 yrs.
    If there is an election come 2012 then at least vote for the one that wants to eliminate the feds and IRS.Ron Paul may be our only hope even if we have to keep him in the bomb shelter to protect him.
    http://libertarianparty.org/platform

    • Bert Cundle

      You Love Farmers Communism… Dont work in New Youk!

    • Libertarian

      Sheeple MUST awake & see WHAT is at stake! I hope there are enough of us out there to affect the change that must happen!

  • Mike

    The Fed`s contract comes up this year . JUST DON`T RENEW THEIR CONTRACT !!!

  • i41

    To thew”doc’ and ant libatard defender of Onumnutts and eemocraps, now USA in another war. It is over in Yemen, we know more this kind crap that onumnutts gets USA goes on it is right out of Saul Alinski, and Karl Marx, both are the favorite reading books of all democrat party pukes.

    • Tom Key

      @i41 – You are obviously addicted to chum and you want more blood in the water. Shoot me. I am a liberal. The differences between you and me are not so great — we are both enraged, perhaps to the point of stupification at times. However, one difference is that you are a patsy of predators who want to remove all possible interference with their plans for stealing more wealth. These billionaires do not want to be troubled by what remains of the middle classes or their government. The predators want the chaos which you inspire. That way, they keep their pelf, and no one, not you, not the government you have crippled, will ever, ever, hold them responsible for their crimes.

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