WASHINGTON - The numbers are becoming too large to really understand, these days, as the US National Debt has now topped 12.1 Trillion dollars and is growing rapidly. Some even larger numbers should also be considered, however. The largest number being total US unfunded liabilities. This is everything the government has promised, and does not have the money to carry out, which includes Social Security and Medicare. This number is now topping 106.6 Trillion dollars. So, when someone says medicare and social security are bankrupt, its true, the money is simply not there to sustain them. In order to give the reader a way to try and understand these figures, here is an example. If the government put a 100% tax on the profit of all 500 of the "Fortune 500" companies, it would take 145 years to pay off the current national debt, and that doesn't include interest which grows at a rate of about 500 million dollars per day.
Still, despite this massive and growing mountain of debt, President Obama's Administration as well as those in congress continue to look at new ways of spending. Such as a more than 1 trillion dollar health care bill that Americans do not want, and an 800 billion dollar climate bill known as "Cap and Trade" that Americans also do not want. TARP funds when repaid to the government were supposed to be designated to pay down some of this debt, but in stead are being spent to "create or save jobs". Isn't that what the $787 Billion stimulus package was for? They've only spent about 35% of the stimulus package, yet there is already talk and rumors of another massive stimulus bill.
Meanwhile, rather than work toward a balanced budget and accountability, congress is now raising the debt limit by another 1.8 Trillion dollars, to roughly $15 Trillion. This unsustainability will only be worsened when the federal intrest rate rises, which is inevitable to avoid massive inflation.
For more information please visit the US National Debt Clock.