US Work Force = 100M thus every trillion in debt equals $10,000/worker
By 2016 the deficit will be 20T
Contractual obligations 54T
Add to that the 4T WE WILL have to fork when the Fed goes insolvent (I mean who are they going to sell these US bonds they've been buying for the last 4 years at 3.8% for 30 years. The answer is NOBODY)
So we have a $78T debt or $1.56M/working couple. Now how is Jane and Joe going to pay $1.56M when they have $38K in retirement. ?
Oh and I am not adding local states debt.
When the Fed can no longer print and the international bond buyers don't show up (they already don't) Then you will know in the most brutal of ways how deficits matter, no matter what #$%$ Chaney or Paul Krugman think
Maybe Cheney was correct after all, Obama's first term record must be compared against the first term record of G. W. Bush to realize what has been achieved in the last four years. In a two party system, the achievements depend on whether there is COLLUSION, COMPROMISE, or COLLISION between the governing parties. In Clinton years, the parties COMPROMISED. In G. W. Bush years, they COLLUDED. In Obama's first term, they COLLIDED. Nation had budget surplus during Clinton years. Nation's debt almost doubled during G.W. Bush years [also Reagan years], and we had two wars of choice with one still going on, and the economy went in to a tail spin. The VP [Virtual President] #$%$ Cheney and the Fed Chairman Alan Greenspan told the nation that "Deficits & Debts don't matter" and that the banks should be deregulated to let the "Free Market" take its course. When the then Treasury Secretary, Paul O'Neal, objected to the huge tax cuts for the rich, #$%$ Cheney told him " We deserve it, we won the election, didn't we?" and fired him.