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The other side of that eroding veneer is nothing less than a fiscal abyss
Wednesday, 10 March 2010 06:36
by Stephen P. Pizzo

Look, I know I’m an awful nag about some things, particularly things that have to do with money, or to be precise, the terrifying lack thereof.

Oh, there’s plenty of paper floating around that looks, feels and — for the time being — spends like money. But it’s not. It’s really just trust in paper form. Those of us who take it in payment or trade it for goods and services have simply agreed to agree that the figure printed on the face of the bill represents its actual value. So when I say that it’s not really money, what I mean is that, while paper money abounds, the trust that underpins it’s value is at risk. The only thing that now stands between a $100 bill being worth $100 or $50, or less — or zero — is making damn sure the general public doesn’t get a whiff of what lays just below the surface, just behind the happy “the recession is over” talk, just behind the political talking points about “stimulus” and “jobs bills.”

Known and very popular cialis coupon which gives all the chance to receive a discount for a preparation which has to be available and exactly cialis coupons has been found in the distant room of this big house about which wood-grouses in the houses tell.

What lays just on the other side of that eroding veneer is nothing less than a fiscal abyss. If you think American consumers got in debt over their heads, just wait until everyone finds out what the US Treasury is on the hook for. It’s an amount so staggeringly huge that even knowing the figure is cognitively meaningless — like when Carl Sagan used to tell us that the universe contains “trillions upon trillions upon trillions of stars.” The same goes for America’s fiscal debt-universe, only these are not stars we’re counting, they’re unfunded liabilities, they’re borrowed trillions, they’re annual revenue deficits in the hundreds billions of dollars forever needed to pay our every-day national operating expenses .. money we don’t have. It’s more money than anyone has... on earth.

Adding up all unfunded liabilities for Social Security, Medicare, Medicaid and Government sponsored pension funds gives us a figure slightly in excess of $100 trillion. The Federal budget deficit for fiscal 2009 will be approximately $1.84 trillion. Over the next ten years the projected deficit will be$9 trillion. These projected deficits come from the Congressional Budget Office and has to be considered a conservative estimate.

I only mention all this because, if you want to prepare your family for what’s heading our way, you better start now to hedge your finances. You better start, if you haven’t already, building a fiscal bomb shelter.There’s much each of us can do, but each family’s situation is different, so there’s no one right way. But for christ sake, start by getting our heads out of the sand here people. We are in very deep trouble. Begin by paying closer attention, not to what being said in Washington, but because all they are trying to do is make damn sure nothing spooks the herd. Sites like http://www.shadowstats.com does a very good job objectively comparing what the government says is happening and what’s really happening. There is a difference, and it’s a growing difference.


Congressional estimates show grim deficit picture

By ANDREW TAYLOR, Associated Press Writer - Sat Mar 6, 4:46 am ET

WASHINGTON – A new congressional report released Friday says the United States' long-term fiscal woes are even worse than predicted by President Barack Obama's grim budget submission last month.

The nonpartisan Congressional Budget Office predicts that Obama's budget plans would generate deficits over the upcoming decade that would total $9.8 trillion. That's $1.2 trillion more than predicted by the administration.

The agency says its future-year predictions of tax revenues are more pessimistic than the administration's. That's because CBO projects slightly slower economic growth than the White House.
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