Do you actually believe you are freeing America?

From a USA Today study of government debt:

“Americans’ government obligations are five times what people owe for

mortgages, car loans, credit cards and other personal debt. The $ 57.8 trillion liability is the amount that government needs now, stashed away and earning interest, to generate enough cash to pay future obligations. The obligations are valued in today’s dollars and come due as early as in a few days, when Treasury bills mature, to as long as 75 years for Social Security and Medicare.

“Like an unpaid credit card bill, the balance grows every year – about $ 25,000 per household annually.

“Taxpayer liabilities grew 20% in the past two years, 13% above the inflation rate.

“What’s behind the increase:

“Medicare. The health care program for the elderly saw its long-term deficit grow $ 4.5 trillion from 2004. The causes: higher medical costs and an aging population. Not a factor: the new Medicare prescription drug benefit. It was included in the 2004 number.

“Social Security. The program’s deficit for workers and beneficiaries already in the system grew $ 2.5 trillion over two years. Reason: Each generation gets benefits greater than the last, so the program automatically gets more out of balance every year.

“Government retirement benefits. Pension and retiree medical benefits for civil servants and military personnel are more generous than those for private-sector workers. But government has not set aside as much money as private companies to pay the costs.”

The Law of Limp tells us why debts are doomed to grow to such proportions. Like the Fed, the feds flew into temptation…and limped back to sanity only reluctantly, hesitantly and partially. They were quick to loosen the purse strings and slow to tighten them. Deficits were many; surpluses were few. The red numbers burgeoned; the black ones shrank. The feds ran over the budget to counteract the downturns in the business cycle, but they forgot to run under the budget to counteract the upturns. And so, the debt mounted up.

During the administration of George W. Bush alone, more debt has been added than during all the administrations put together since that of George Washington.

But wait a minute, you may be thinking, “Isn’t there a war on? Isn’t that the real reason debts have exploded? And doesn’t it make sense to pay the costs of fighting a war – no matter how great they may be – so that future generations may live in liberty?”

We have two answers to this: “no” and “it depends.”

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