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Brace For an Avalanche
of Unfunded Debt

US News and World Report, by Mortimer B. Zuckerman

Original Article

Posted By:galloglass, 12/31/2012 9:20:08 AM

All eyes have been on the clear and present danger of the fiscal cliff—understandably—but there´s a sound in the mountain range that´s even scarier than the cliff. It´s the sound made by an avalanche, the trillions of dollars of debt that´s heading our way, gathering speed and mass. For most people, it´s out of earshot now, and that´s the way our government prefers to play it in its financial statements. Liabilities are not set out there in accordance with the well-established norms of the private sector, where this overhang of liabilities would set off alarm bells in the markets, with
Link corrected by staff

Comments:
And Boehner and Reid are re-arranging deck chairs on the Titanic.

      


Post Reply  

Reply 1 - Posted by: Johnny Angle, 12/31/2012 9:32:00 AM     (No. 9091226)

And our big hero Ryan is mum too. They are all fakers. Go Tea Party!!

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Reply 2 - Posted by: stablemoney, 12/31/2012 9:36:37 AM     (No. 9091234)

This is the best article written explaining this fiasco. The USA issues a financial statement. The auditors will not give a clean opinion. Every citizen should receive one, just as a private company, because it tells you how the country is doing, something the politicians would like kept hidden. Type in Financial statements of the U.S. at search and take a look. The country will inflate these debts away. Every government in history has. In future, our incomes will go to pay debt and interest, there will be no income left to pay for us, so our standards of living are going to drop. The 21st century for the USA will be the first in history where standards of living fall. All brought on by living free until the bills are due.

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: lylacat, 12/31/2012 9:49:03 AM     (No. 9091254)

0bama has no understanding of economics; he just loves to spend. He is no leader, and his policies are killing this great country. The people who are getting all the "stuff" love it, and the others, well, they have to just keep working for less, and everything they buy costs more. The standard of living in this country will eventually fall for everyone, because eventually the workers will no longer be able to pay for the takers.

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Reply 4 - Posted by: J F Ackerman, 12/31/2012 9:51:43 AM     (No. 9091261)

Mort Zuckerman had been a huge and influential supporter of Obama and of all Democrats. He is a bona fide media mogul. He could have and should have seen this disaster coming and used his media influence to sound the alarm loud and long, publicly and privately, for these last many years. He didn´t. It´s because folks like Zuckerman simply won´t put America first (being a Democrat comes first) there can be no path forward. We are doomed.

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Reply 5 - Posted by: vesicant, 12/31/2012 9:59:08 AM     (No. 9091277)

This is news? Anybody with half a brain has known this for a long, long time. Buy your Weimar wheelbarrows now, because you´re going to need them.

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Reply 6 - Posted by: NorthernDog, 12/31/2012 10:00:44 AM     (No. 9091281)

Let´s remember how the mortgage debacle and the Enron meltdown unfolded. Few people took notice until it was way too late. A repeat is on the way, only on a more massive scale.

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Reply 7 - Posted by: terrywhite, 12/31/2012 10:13:41 AM     (No. 9091307)

Triple Amen # 4. I want to puke when fools like Mort Zuckerman come out now and try to tell me what´s whhat and what I need to think, feel, and do. I knew what O was when he ran in the primaries the first go around, but you and all the other elites knew better didn´t you and helped bring this Obamination to our doorstep so I really don´t need to hear or listen to a thing you have so say! I say, "eat it Mort!"

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Reply 8 - Posted by: Pros7767, 12/31/2012 10:16:29 AM     (No. 9091320)

This should be a Muet Read.

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Reply 9 - Posted by: PoliticalJunky, 12/31/2012 10:18:12 AM     (No. 9091327)

During a previous financial crisis, and within Obama´s term, the government paid upcoming expenses by using the 401K´s of federal workers.The IRS had their 401´s temporarily confiscated, which is how I know. . Of course, when the debt ceiling was raised, money came back into those 401´s. But what has happened once, can happen again. I think Obama has his eye on every 401 in the country and wants that money.

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Reply 10 - Posted by: bogeegolf, 12/31/2012 10:53:56 AM     (No. 9091399)

I echo an above post that says this is not news. Why do you think I´ve been so crabby for the last twenty years? Oh, and thanks Mort for voting for the biggest spender and most anti- Amercan president to ever sit in the white house.

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Reply 11 - Posted by: bighambone, 12/31/2012 11:51:08 AM     (No. 9091527)

Unfortunately the November election showed that there are enough people now in the country who will always vote for the politicians who they believe will give them the most in government benefits and services to ensure that the government will simply go on taxing and spending until the bitter end.

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Reply 12 - Posted by: 6079 Smith, W, 12/31/2012 11:58:49 AM     (No. 9091549)

Yeah, but it is our children and grandchildren who will get the bill and since they can´t vote now, let´s live for today! I do so hate politicians.

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Reply 13 - Posted by: Sfacheem, 12/31/2012 12:23:03 PM     (No. 9091595)

If "the people" didn´t care when they were funding the debt, why would they care now that they´re not?

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Reply 14 - Posted by: Heil Liberals, 12/31/2012 1:47:53 PM     (No. 9091734)

We have become a nation defined by its wants rather than its needs. The Fedzilla merely reflects its citizens. By the next election in 2014, the number of citizens on the government teat will be 49%. By 2016 it will be more than 50%. That is when the joy ride to oblivion will begin. Unless we can convince the new majority that it is in their best interest to change their tune. But I doubt it.

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Reply 15 - Posted by: crimea river, 12/31/2012 2:32:14 PM     (No. 9091799)

Mort´s dilemma...
We can´t inflate our way out, for inflation doesn´t solve our Social Security and Medicare challenges.

No, Mort. That is exactly what "we" will do. Your Social Security check may buy a few loaves of bread and some canned tuna. Your Medicare doctor will be from Burkina Faso.


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Brace For an Avalanche
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All eyes have been on the clear and present danger of the fiscal cliff—understandably—but there´s a sound in the mountain range that´s even scarier than the cliff. It´s the sound made by an avalanche, the trillions of dollars of debt that´s heading our way, gathering speed and mass. For most people, it´s out of earshot now, and that´s the way our government prefers to play it in its financial statements. Liabilities are not set out there in accordance with the well-established norms of the private sector, where this overhang of liabilities would set off alarm bells in the markets, with
Link corrected by staff

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