Erskine Bowles and Alan Simpson of the National Debt Commission Tell It Like It Is! – The United States Is Going Broke AND We Are Sending Hundreds of Billions of Dollars Overseas in the Form of Interest on OUR Debt as We Head Into the Rabbit Hole! – Yes, This All Makes Perfect Sense! – Here’s The Real Scary Part: Foreign Countries Hold Over 30 Percent of Outstanding US Debt (Not Counting All the Fannie Mae and Freddie Mac Debt That Is Of Course…Off the Books….Shhhhh, Don’t Mention That!) – Yes, Listening to Paul Krugman and the “Wouldn’t Know An Honest Days Work” Gang Makes Even More Sense! – Could Any Of These Folks Run An Ice Cream Shop? – And These Folks Want To Run the US Health Care System?
Far from the Fantasylands of the Washington Elite, the Wall Street Bastards, the Media Drama Queens and the Paul Krugman crowd on the college campuses of America there exists the Real World.
The Real World is where the rest of us live where a Dollar is a Dollar and if one decides to take on debt, one is thus responsible for the interest AND principle of that debt. Seems simple enough, but not to some folks! In Washington DC among the “Elites” that have often never worked a day in their lives in the Real World, they do not understand that all the debt the United States of America is piling up (Here it is….US Debt Clock
…..is actually a great threat to the American Republic and the American People.
You see, when you have Uncle Ben “I love the sound of Printing Presses in the Morning, especially since it makes the folks I work for, the Wall Street Bastards VERY RICH!” Bernanke sitting over at the Federal Reserve who seems willing and able to fund all of this outrageous spending by doing nothing more than creating $$$$$$ from thin air the little wonder that these Buffoons in DC don’t understand how the Real World works!
On the Sunday two very able and bright Americans, the leaders of the National Debt Commission, Erskine Bowles and former Senator Alan Simpson painted a very bleak picture for America’s future.
Gloomy Picture During National Governors Association Meeting
“The heads of President Barack Obama’s national debt commission painted a gloomy picture Sunday as the United States struggles to get its spending under control.
Republican Alan Simpson and Democrat Erskine Bowles told a meeting of the National Governors Association that everything needs to be considered – including curtailing popular tax breaks, such as the home mortgage deduction, and instituting a financial trigger mechanism for gaining Medicare coverage.
The nation’s total federal debt next year is expected to exceed $14 trillion – about $47,000 for every U.S. resident.
“This debt is like a cancer,” Bowles said in a sober presentation nonetheless lightened by humorous asides between him and Simpson. “It is truly going to destroy the country from within.”
Simpson said the entirety of the nation’s current discretionary spending is consumed by the Medicare, Medicaid and Social Security programs.
“The rest of the federal government, including fighting two wars, homeland security, education, art, culture, you name it, veterans, the whole rest of the discretionary budget, is being financed by China and other countries,” said Simpson. China alone currently holds $920 billion in U.S. IOUs.
Bowles said if the U.S. makes no changes it will be spending $2 trillion by 2020 just for interest on the national debt.
“Just think about that: All that money, going somewhere else, to create jobs and opportunity somewhere else,” he said.”
Amen to that Mr. Bowles and Simpson! Can you believe it, there are actually some folks in Washington DC that are willing to speak the truth to the American People. The problem is that we have the Paul Krugman’s of the world around who have NEVER WORKED A DAY IN THEIR LIVES IN THE REAL WORLD that believe that $$$$$$ can just be created from nothing and that the US can pile up debt by the Trillions and it will have no significant consequences down the road for our country. To that we are calling BS!
Sorry, anyone that is stupid enough to listen to Paul “I wouldn’t know an honest day’s work if it hit me in the Ass” Krugman (Please, those Nobel Prize folks would give a dog a medal if the dog started spouting liberal nonsense!) either doesn’t have a clue to how the Real World works or they don’t know Up from Down! We would put Krugman and his medal awarding folks in both camps!
Did you catch that quote from Erskine Bowles above?
“Bowles said if the U.S. makes no changes it will be spending $2 trillion by 2020 just for interest on the national debt.
“Just think about that: All that money, going somewhere else, to create jobs and opportunity somewhere else,” he said.”
Yes, running up Trillions in Debt makes perfect sense, because none of that debt really matters because with Uncle Ben Bernanke and the rest of the folks over at the Federal Reserve, most that also have never worked a day in their lives in the Real World (Is there anyone that really believes that anyone at the Fed could run an ice cream shop? Didn’t think so!) we can always just crank up the printing press and print even more $$$$$$$$$$$$$!
Don’t think who holds all of this US Government Debt doesn’t matter? Please, get a clue. Do you ever wonder why Fannie Mae and Freddie Mac have been kept alive even though they are little more than wards of the state? No, it has nothing to do with supporting the US housing market? The real reason that Fannie Mae and Freddie Mac have been kept alive is that the Wall Street Bastards, dozens of other large banks around the world, but especially some of the United States’ largest creditors, China, Saudi Arabia, etc., hold Fannie and Freddie bonds and there was no way the US was going to allow all that debt to default because then those very same folks would not keep buying all of this new debt we are shoveling out the door right now! You see, if the Foreign Countries ever cut off their line of credit, the US Congress would be out of business, because that is all those folks know how to do! Run an ice cream shop? Please, running an ice cream shop takes common sense and knowing how to scoop ice cream from a bucket…..enough said!
You see, the United States is just piling Trillions of new debt on top of Trillions of old debt, all guaranteed of course by guess who? That’s right, The American People, who are not in Washington DC lobbying their representatives and stuffing money into our “Elected Leaders”
pockets so they can get favorable treatment, especially if they get their asses in a sling! No, the American People just get up every day and go to work, look for work, raise their families, send their kids to school and generally make the Untied States of America get up and go, whiles the most Clueless Group of Leaders in the History of Man on Earth have been destroying the American Republic for several decades now, all in the name of making themselves rich or to keep their political party in power.
Yes, this just all just makes perfect sense… The United States keeps shoveling Trillions in new debt out the door, our “Elected Leaders” keep spending more and more money because they know Uncle Ben “I dream at night of money being printed Oh, how it excites me!” Bernanke will cash any check that the Congress or Wall Street presents, and the Chinese and other foreign countries are watching from the sidelines knowing that they are going to get the money they are owed, with interest….ONE WAY OR THE OTHER! Kind of like the pawn broker in the bad part of town….China is going to get paid…ONE WAY OR THE OTHER!
How much does America, the American People, owe to Foreign Countries right now? Oh, that is a very easy question to answer because the folks at the US Treasury must keep such a list so they know where to send all of OUR MONEY to! Just check out these outrageous numbers that are kept by the US Treasury department:
Major Foreign Holders of Treasury Securities
April 2010 – Hundreds of BILLIONS OF DOLLARS
China 900.2
Japan 795.5
UK 321.2
Oil Exporters 239.3 (see below, #1)
Brazil 164.3
Caribbean Ctrs 153.2
Hong Kong 151.8
Taiwan 126.9
Russia 113.1
#1 – Oil exporters include Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya, and Nigeria.
(Hey, isn’t Hong Kong part of China? We seem to remember the British handing it over to the Chinese! That means China holds over $1 TRILLION IN US TREASURYSECURITIES! Yes, that’s a grand idea!)
That’s only the countries we owe more than 100 BILLION DOLLARS to! There are dozens of other countries that the United States, the American People, owe HUNDREDS OF BILLIONS DOLLARS to, and there is interest being paid on all that debt which comes straight from…you got it…THE AMERICAN PEOPLE!
Overall, as the US Treasury calls it, the GRAND TOTAL that the United States, the American People, owe to Foreign Countries is…
3,957.4 TRILLION DOLLARS!
For the folks that are slow with math that is nearly 4 TRILLION DOLLARS in debt held by Foreign Countries! That is over 30 percent of the $13 Trillion in US Treasury Debt Outstanding! OUTRAGEOUS!
Did you get that Paul Krugman and the rest of the “Never done an honest day’s work in their lives” gang? (No, you cannot do an honest day’s work in any Economics department on any college campus in America, especially Princeton! Yes, you can argue about why you don’t have a better parking space or debate the merits of the chicken salad or the tuna salad, but how the Real World works…NOT A CHANCE IN HELL! Again, those Nobel Prize folks would give out a medal to the common house cat if it said: “Keep the printing presses running, we need more $$$$$$$!”
Yes, that is 3.957.4 TRILLION DOLLARS…with interest of course!
Oh yes, this all just makes perfect sense! The United States of America keeps running up Massive Trillion Dollar Plus Deficits, the US Congress keeps creating new spending programs by the truckload that will just increase the debt even more, while we have Uncle Ben “I need more ink! We must have more ink!” Bernanke keeps cashing ever and any Damn check that these Buffoons present to him, and where does a lot of interest on all that debt go?
Does that money go to educate our kids, to fund the military, to protect our borders, to build schools or hospitals, to build roads, etc? No, HUNDREDS OF BILLIONS OF DOLLARS of Our Money goes to Foreign Countries each year, many that are hostile to Our Country!
And as Erskine Bowles points out….
“Bowles said if the U.S. makes no changes it will be spending $2 trillion by 2020 just for interest on the national debt.”
Yes, this all makes just perfect sense, IF your goal was to destroy the United States of America. Is that the ultimate goal of our “Elected Leaders” in Washington DC…..To destroy the American Republic. If so, they are doing ONE HELLAVA JOB!
And these folks want to run the US Health Care System?
