Saturday, January 19, 2013

Debt Ceiling Shenanigans

Selective Economic Questions:
  1. What is the current size of our national debt?  Answer: $16.461 trillion. 
  2. What is the current size of our GDP?  Answer: $15.555 trillion. [Our national debt is approximately 106% of GDP!]
  3. How many times since 2001 has the debt ceiling been raised?  Answer: Eleven.
  4. Have we breached the current debt ceiling limit?  Answer: Yes. [We have exceeded it by $41.3 billion.]
  5. How can the government exceed the debt ceiling?  Answer: The government has been able to circumvent the debt ceiling by raiding its various trust funds. However, these trust funds will run out of money by the end of March. 
  6. What is the House Republicans' strategy for dealing with the debt crisis going forward? Answer: Kick the "proverbial debt can" down the road for another three months. 
  7. What was the approximate "federal deficit" for 2012?  Answer: $1.3 trillion.
  8. When one takes into account the 2012 "federal deficit" plus the "present value of our unfunded liabilities, such as Social Security & Medicare, for 2012, what was the TRUE federal deficit for 2012?  Answer: $6.9 trillion.
  9. What would you like to say to Congress?  Answer: I am sorry, but I can not print that!

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