How many times has a government estimate ever been accurate? Say our representatives and bureaucrats in the government estimate the cost of a bridge for $200 million. What are the odds that the bridge will cost $200 million. What are the odds the project will be under budget? What are the odds the bridge will modestly exceed or drastically exceed $200 million.
USA Today reported today that federal government liabilities, from Treasury bonds, Medicaid, Medicare, military pensions, etc., the total owed is a record $63.8 trillion. This is all money that we’ve promised to pay. It doesn’t have to be paid right now but it does have to be paid under current law. At any time we could change the law and cut off the cash outflow. No one receive in money is for that. The treasury bonds are alredy spent and must be paid back unless we want to stiff ourselves and the world – not a healthy option.
The numbers are mind boggling. I had to whip out my BIG calculator for that many zeros. To break it down 63.8 trillion is approximately $216,000 for every man, woman and child in the country (aprox 300 million).
If every household has 4 people in it the total for each household owed is $864,000. In my family of five, 2 parents and three kids, we owe a whopping $1,080,000. I’m the only one working right now. Right now my US dollar net worth is way less than zero. What’s your household worth?
Now, back to the original point. How many times are government numbers way off? Multiplying the origional number is usually more accurate. If it’s double, my household owes $2,160,000 for our governmental promises. I’ve got to make a lot more than I do now.
As it sits right now if the giveaway programs and excesses are not reduced or eliminated, we as a country will be in the same boat as GM. Are we writing checks with our words which our deeds can’t cash.
Ironic that a bankrupt company is being taken over by a bankrupt government.
TRU DAT BROTHER!!