Not China, not Russia, not North Korea, not Iran, not terrorists...According to Admiral Mike Mullen, the Chairman of the Joint Chiefs of Staff, the "single biggest threat" to American national security is the US national debt, which is either $8.85 trillion (public debt), $13.4 trillion (total national debt), $20 trillion (total debt including GSE debt), or $124 trillion (total debt including unfunded obligations), depending on one's definition of the word "debt." And as Zero Hedge has long been warning, the imminent increase in interest rates (sooner or later), will eventually put the country in an untenable funding position. "Tax payers will be paying around $600 billion in interest on the national debt by 2012, the chairman told students and local leaders in Detroit." The Chairman (the real one, not his pale imitation over at Marriner Eccles) politely forgot to add that the successful rolling of nearly $600 billion in debt per month is likely an even greater threat to national security.
More from Mike Mullen, commenting on the upcoming annual interest payment forecast:
“That’s one year’s worth of defense budget,” he said, adding that the Pentagon needs to cut back on spending.
“We’re going to have to do that if it’s going to survive at all,” Mullen said, “and do it in a way that is predictable.”
He also called on the defense industry to hire veterans and become more robust in the future.
“I need the defense industry, in particular, to be robust,” he said. “My procurement budget is over $100 billion, [and] I need to be able to leverage that as much as possible with those [companies] who reach out [to veterans].”
It might be worth remembering that the Republican response to the growing debt during the last Bush administration was to suggest the debt was acceptable relative to the large GNP. This was being said while huge military appropriations for the very mismanaged wars were adding up year after year--and kept out of the official federal budget.
Now Obama comes along and decides to put ALL of the expenses past, present and future in the federal budget to be clearly seen and has to respond to an economy run right off the tracks before he actually could get into office. So now the Republicans are beating him over the head for a runaway national debt. You have to wonder how much the Repubkicans would carry on fantasy/fuzzy economic games when they have the reins again.
Imagine if social securiry actually had been privatized, dependent on growing mutual funds and a stable stock market, when the housing/banking bubble went south. The Tea party seems to think its not OK to bare a financial burden together when individuals can simply be left and ignored to fail by themselves.
Hey jackhorse, Bush never wanted to "privatize" social security. Quit lying. What he proposed was to give people the option to put part of their social security tax into private investments. Do you know what "option" means? It means they didn`t have to do it. They could choose to stay 100% with the social security system.
I`d answer your blather about the debt and deficit but it`s incomprehensible. Suffice to say that Mort Zuckerman, a very successful businessman, said yesterday that Obobo is presiding over the fiscally irresponsible administration in HISTORY. Zuckerman voted for Jugears too. And is now doing the "palm to the forehead" maneuver.