Yesterday, I heard Speaker Boehner suggest that even if we confiscate all the income fr0m the richest 1%, we’d still hardly make a dent in the deficit/national debt.
Nice try: it’s a straw man argument to say that is what the opposition wants. It is not. No one I know or read has advocated that. Rather, we’re advocating “shared sacrifice” as a strategy for paying down the debt.
Along the same lines, you hear people say that there is $49 trillion in unfunded mandates from the Federal government. This usually has the desired effect of scaring people into agreeing with the following statement: “We’re broke.”
We’re not broke. The table below lays it out for you.
What this means: The debt argument is a political/ideological argument not a financial one. Boehner and Friends are using their majority to try to dismantle the social safety net once and for all.
|Asset or Liability||Timeframe||Amount|
|Household Assets||2008||$49 trillion|
|Household Liabilities||2008||$14 trillion|
|GDP||NPV 75 Years||$797 trillion|
|Federal Revenue||NPV 75 Years||$175 Trillion|
|U.S. Public Debt||2011||$9.1 trillion|
|Unfunded Social Security||NPV 75 Years||$7.7 trillion|
|Unfunded Medicare||NPV 75 Years||$53 trillion|