The day of reckoning looms: Government pension plans have about $1.2 trillion of unfunded liabilities.
The day of reckoning looms: The Congressional Budget Office yesterday projected this year’s deficit to be $1.1 trillion dollars, making it the fourth year in a row that the deficit has broken the trillion dollar ceiling.
In the entire history of the U.S. the deficit never exceeded one trillion dollars, until Barack Obama became president. In fact, it never came close until Obama arrived.
The day of reckoning looms: The federal government is on a pace to exceed its $16.394 trillion debt limit sooner than expected, by October, just before the election.
Some historical context in discussing the federal debt.
When Bill Clinton was president, the national debt rose by an annual average of $193 billion; when the profligate George W. Bush was in the White House, the yearly debt increases averaged $612 billion. On Obama’s watch, by contrast, the federal debt has been skyrocketing by more than $1.5 trillion per year. It took 40 presidents and nearly two centuries, from George Washington to Ronald Reagan , for the US government to accumulate $1.5 trillion in indebtedness. The 44th president – aided and abetted by Congress – enlarges the federal debt by that amount every 12 months.
