The shocking true size of our nation’s debt

The day of reckoning beckons: The shocking true size of our nation’s debt.

Add it all up, and total US debt actually exceeds 900% of GDP. That’s somewhere in excess of $120 trillion. We are beginning to talk real money here.

The Congressional Budget Office [CBO] also contains bad news for those who believe that we can fix this problem simply by cutting β€œfraud, waste and abuse.” As CBO points out, the projected growth in the debt β€œis attributable entirely to increases in spending on several large mandatory programs: Social Security, Medicare, Medicaid, and (to a lesser extent) insurance subsidies that will be provided through [Obamacare].” There is simply no way to deal with our debt problems without reforming those entitlement programs.

Finally, the CBO report makes it clear that we have a debt problem because spending is too high, not because taxes are too low. In fact, even though taxes are currently at a near historic low as a proportion of the economy, that is largely a result of the recession. If the economy returns to normal growth rates (a big β€œif”), federal revenues will not only rise, but will actually be higher than the postwar average percentage of GDP by the end of the decade. In fact, this will happen even if the Bush tax cuts are extended and the Alternative Minimum Tax AMT continues to be patched.

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At House hearing head of NOAA challenged on ignoring Congressional law

At House hearings this week the head of NOAA was attacked for ignoring Congressional law in setting up a National Climate Service.

One big sticking point for legislators is language in this spring’s final 2011 spending bill that averted a government shutdown, which states that “none of the funds made available by this division may be used to implement, establish, or create a NOAA Climate Service.” Representative Dana Rohrabacher (R-CA) said the appointment of Karl and the hiring of six regional directors appear to have ignored those instructions. He quipped that NOAA was “living in climate sin,” a reference to Karl’s statement during an interview in December 2010 with ClimateWire that “we’ve moved in, … we’re waiting for the marriage certificate, but we’re acting like we have a climate service.”

Lubchenco defended her actions, saying that her appointments were “smart” and merely “good planning.” She said their salaries are drawn from “existing funds” and that legislation dating back to the National Climate Program Act of 1978 describes providing climate services as part of NOAA’s mission. She responded to Hall’s concerns that the climate service would take away from NOAA’s other activities by saying, “It’s good government to reorganize periodically.” She also referred to its economic potential, citing the $1 billion industry that has emerged around the National Weather Service.

Speaking with ScienceInsider after the hearing, she made it clear that NOAA intends to push ahead. “This is an idea whose time has come.” [emphasis mine]

In other words, so what the law forbids NOAA from doing this. We know best, Congress can go to hell.

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“Unable to pass its immigration agenda through legislation, the Administration is now implementing it through agency policy.”

From the head of union representing agents of Immigration and Customs Enforcement (ICE): “Unable to pass its immigration agenda through legislation, the Administration is now implementing it through agency policy.” And if you still have doubts about the unwillingness of the Obama administration to enforce the law, there’s also this quote:

Our officers are already under orders not to make arrests or even talk to foreign nationals in most cases unless another agency has already arrested them; you won’t find that written in any public ICE policy.

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Senate Republicans pull out of Biden debt limit negotiations

The Senate Republicans have pulled out of Biden’s debt limit negotiations.

This article strongly suggests to me that the Democrats, who hold a majority in this negotiating group, have refused to take seriously the Republicans’ demand to cut spending, instead focusing on tax increases as a solution. The problem is that you could raise our taxes to 100 percent and you wouldn’t solve the debt problem. The government has got to reduce its spending.

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