The total Federal Deficit for today is $10,963,876,033,990.32. http://www.brillig.com/debt_clock/
Again, this debt is concerning although Americans hope That Obama's $3.55 TRILLION spending plan would revive the economy from the dead. My issue is that we're too heavily financed by foreign countries who are buying treasuries to keep the value of their Yuan lower than the USD. Approximately $400 billion dollars worth.
Now, if you have any TUMS, now is the time to take them. If you need a reason to drink tonight, read on.
The first thing we want to keep in mind is the net worth of the United States.
America's fiscal burden now exceeds $52 trillion dollars.
Our obligations will not end with the Federal budget. For Gen X, Y, and beyond... the reality will be a cruel and unusual form of punishment. The Federal Reserve will monetize the debt. Bernanke will make sure there is inflation, which in the long term will reduce the debt in nominal terms. He's "worried about deflation" which is false. "Deflation" is just the correction of the housing and the gas prices. Inflation will increase the difficulty to make ends meet between our REAL wages and the cost of living.
Gen X, Y and beyond will not only have to clean up the spending spree (plus interest payables, pork and earmarks) by the recent and last administration, we will infact be providing Medicare, Medicaid and Social Security for the Boomers. And y'all thought you'd just be choosing a nursing home for them!! The Boomer Generation in fact are the largest demographic since the Depression Era Generation. We may soon be the reprise of the Depression Era Generation. Not only are the Boomers the largest demographic, they think they're going to live forever or they're going to try to. With medical advancement, they can be around for a very long time. As retirees.
It's a matter of tough love kids!! Tell your Boomer parents that if they really loved you; they absolutely will not gamble your inheritance away (esp. if your Boomer parents have not recently fallen on hard times). In other words, "Play Bingo, not Slot Machines-or Real Estate (until Gen Y can finally buy in)".
The current Economic Advisor to Obama, Mr. Volcker predicted in 2003 that the USA would have a 75% chance of a financial crisis in the next 5 years. The financial crisis erupted at the end of 2008. I think Mr. Volcker won his bet. Now if he would only step in and tell President Obama the right way to manage our way out of this crisis.