Road to Ruin: US Government reports $11 trillion increase in debt

[Barrett808]

The Treasury Department reports that the government increased its “total liabilities and net responsibilities” by $11 trillion from 2003 to 2004, to a total of $45.892 trillion. Read the alarming details:

Road to Ruin
http://www.sprott.com/pdf/marketsataglance/01-17-2005.pdf

2004 Financial Report of the United States Government (see page 11)
http://www.fms.treas.gov/fr/04frusg/04frusg.pdf

[Old and In the Way]

1. Treason

Any other reason why they are so desparate to shut off dissent?

[progressiveBadger]

2. This impacts every american

every day of their lives. Yep, our kids will bear the brunt of this burden, but it already affects us.
National Security:
We can't afford to equip airplanes with anti-SAM defenses
Social Security:
We can't pay back the money that was stolen from the trust fund
Student Loans:
Massive cuts to Pell Grants

This is happening now. What will it look like next year, in a decade, 20 years from now. We will be accruing $45 trillion in intrest alone soon. Think we can rely on bonds forever?
Good think we have a fiscal conservative president...

[nariel]

3. Thanks for posting this...

I've emailed this to several people and asked them to do the same. The real facts have to get out there.

Frankly, I think this is part of the plan...ownership society, ya know? They'll just bankrupt the country, take away all social programs. Nevermind that most citizens will not be able to afford to own anything. The repercussions will be very devastating for many people.

This is so beyond disgusting...it's criminal.

[newyawker99]

7. Hi nariel!!

Welcome to DU!! :toast:

[indepat]

4. Enough to make one wonder how the dollar will fare

[TexasLawyer]

5. WOW

This reads like an indictment. We are in some serious trouble.

[Igel]

6. Not deficit. And this is just for the next 75 years.

This includes medicare, social security, the recent prescription debacle, and probably federal retirement benefits. Whatever the beancounters say that the US government will be responsible for under current regulations and laws.

I didn't check to see if it included projected income (I note it doesn't say "unfunded liabilities", but that may still be the case).

And, tomorrow, Congress could pass laws reducing that number by many billions.

[ixion]

8. that's a 25% increase...of 11,000 billion

In the last 200+ years, we've acrued 34 trillion... and in the LAST YEAR, we've increased that number by 25%.

And these are the people claiming to be fiscally conservative? :crazy:

[sarcasmo]

9. Borrow from SS, then privatize it so you don't have to pay it back.

The Darth Chimpy way to Bankrupt a business/Government.

[Vitruvius]

11. Yup, stealing the SS trust fund will take care of $6 trillion out of the

$11 trillion. And unnecssary benefit cuts before 2018 (when the Trust Fund is supposed to be drawn upon) will handle more...

Rob the poor to help the rich -- it's the Rethug way. Now I understand why -- historically -- when there's a revolution, the "aristocracy" often get their heads cut off -- as the thieves they are.

Rob the poor today, lose your head tomorrow has often been the historical rule...



P.S: The Bourbons ruined France by lavish spending on useless foreign wars (from Louis XIV on) and on themselves; Marie Antoinette was known as "Madame Deficit" for her extravagance at the public expense. People starved to death -- and, in time, Marie Antoinette lost her head.

[mulethree]

10. 87% medicare

9.6 trillion of the 11 trillion increase is medicare.

I wonder how much of this is the prescription drug fiasco,
how much is health care cost inflation and what the rest is?