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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Jamey who wrote (749767)	9/21/2006 2:24:15 PM
From: DuckTapeSunroof	Respond to of 769670

"The biggest problem I see (other than affecting entitlement programs) is that most of that money is held by foreign governments, especially China and Japan." True. Which is why I believe the politicians will resort to their FAVORITE stealth tax increase to handle this ('favorite' because they never have to go on the record voting for a 'tax increase'... they just rely on bracket creep and currency devaluation to come up with the extra revenue): they will cause MASSIVE currency inflation, resulting in massive declines in the value of the dollar. "Also you might want to check out what you were saying about social security. I read that SS is not included in the 8 trillion. Including SS we are looking at 56 trillion dollars." You are CORRECT, Sir. Total UNFUNDED FEDERAL OBLIGATIONS (under generally accepted accounting provisions), exceeds fifty TRILLION DOLLARS. And, the federal government has been employing 'smoke and mirrors' ever since the Reagan administration to DISGUISE the true extent of the federal deficits, and of the massive federal OVER-SPENDING, ever since then, by taking these obligations 'off-budget'. This accounting trick has ENABLED their mismanagement, and furthered the massive growth of government spending, and the concomitant increase in the size and intrusiveness of the government.