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A debt bomb is looming on America's horizon

Posted: May 24, 2012 - 5:12pm

“America today faces one of the greatest threats to its existence since our founding,” writes U.S. Senator Tom Coburn in his chilling new book, “The Debt Bomb.” “The threat does not come from any foreign army or terrorist network, but from our own government and its unsustainable spending. If we don’t change course in the near future — most likely the next two years — America as we’ve known it could soon be a shell of its former self. We could face a sudden economic collapse worse than the Great Depression, or we could enter an era of managed decline and waning influence,” Coburn writes.

If Coburn’s premise is accurate, what are our nation’s leaders doing to ward off such a collapse?

Most Americans seem preoccupied by Phillip Phillips winning “American Idol” Wednesday than those citizens who are paying attention to the imminent danger around us. However, ignoring, denying or wishing the inevitable away won’t work in this case. It might be easier for Americans to think they are one of the Avengers than to focus on the real mounting fiscal crisis that threatens America’s future and way of life.

“Indeed, a new report by the Congressional Budget Office (CBO) says the U.S. is staring over the edge of a ‘fiscal cliff,’ in growing danger of a double-dip recession, higher unemployment, and a European-style debt crisis,” said best-selling author Joel C. Rosenberg. Our debt has reached new heights of nearly $16 trillion and the Congress and president are sparring now to raise the debt ceiling by the end of this year. Raise the debt ceiling? Raising the debt ceiling is like giving a crack addict just one more hit to ease their jitters.

The U.S. has $65 trillion in unfunded federal commitments that are rapidly approaching critical mass.

In order to avoid the financial meltdowns that are looming in Europe, we need to not only read Coburn’s book, but insist that our political leaders begin showing restraint in spending and taxing our economy into bankruptcy. We’re not voting for the next American Idol, but our nation’s future. It’s time to contact our leaders and ask them to vote for America’s future.

Don’t agree? Only 30 percent of likely U.S. voters now say the country is heading in the right direction, according to a new Rasmussen Reports’ national telephone survey taken the week ending Sunday, May 20.

—Keith Hansen

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stevebusch
3021
Points
stevebusch 05/25/12 - 07:18 am
3
6

GIGO

I'm old enough to remember a2008 presidential candidate who promised to cut our debt in half by the end of his first term. Plus he would reduce health care costs and add 30 million people to medicare This candidate had no political experience, had never held a job but was an Afro American and that was good enough for far too many voters. There was also a 2008 US Senate candidate who had failed at just about everything, never held a job,but did write a hilarious bit about the funny side of rape for one of the big porn magazines and that was good enough for too many voters.
Computer programers will always tell you ' "garbage in, garbage out." It's time for concerned Americans to put the garbage out.

tripwire3
4809
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tripwire3 05/25/12 - 07:33 am
4
3

Steve

I agree that we were snookered.

Want to know what's really funny (or sad, depending on your perspective)? They'll tell us the exact same crap this time around and we'll fall for it.

lakelander
708
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lakelander 05/25/12 - 08:19 am
5
4

Coburn:

Part of the problem, now he writes a book to further finance his retirement. Any blame accepted on his part in the book, Keith?
Good job, audience developer. Do you get a commission on books you help conservatives sell?

sadiemarriedlady
23537
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sadiemarriedlady 05/25/12 - 08:13 am
4
4

Maybe a few more people will take this seriously.

What? No errors in today's editorial?
Seriously, what about the debt bomb which is the subject?
Some people do not take it seriously and refuse to look
at Greece as our future.

pdnet15
15836
Points
pdnet15 05/25/12 - 08:57 am
2
5

sadiemarriedlady says

"Some people do not take it seriously" That would be people like lake and his kind, not because it is true, but because Mr. Hansen wrote the article, and their minds freeze at that point!

JamesBond
5347
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JamesBond 05/25/12 - 10:08 am
5
3

Fool me twice, Shame on me

So Mr. Hansen and some of the other writers are bemoaning our debt and our economic troubles. What is their solution? Let's return the keys to the driver(s) that drove the car into the ditch the last time!!

Remember the last time we let a business man take control? With an MBA no less. Wasn't Herbert Hoover also one of those business men?

No matter that Obama inherited a total meltdown and we have seen growth in private sector jobs (and a decline in public sector jobs) and an increase in corporate profits and the DOW. No matter... we want to return to the "good ole days" when tax cuts and deregulatory policies gave us those boom years.

Americans have short memories..... Fool me twice, Shame on Me.

Cheyenne43
7900
Points
Cheyenne43 05/25/12 - 10:39 am
5
4

The sky is falling, the sky is falling...

yeah, shrinking the economy via austerity measures is just the ticket... for depression. We owed more relative to the GDP coming out of WWII and recovered nicely... but the corporations and well-off paid their fair share of taxes. It was the patriotic thing to do

mmpi29
2169
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mmpi29 05/25/12 - 02:34 pm
5
4

Now the deficit and debt are problems?

I see nothing but hyprocisy in this whole new found concern about the national debt. Bill Clinton balanced the budget and had a surplus - first in 30 years. Bush takes office, slashes taxes for the billionaires, invades Iraq on the premise of danger (where were all of their weapons??? - his report must have mis-spelled a "q" for an "n" - Iran wasn't a secret 10 years ago either), and then slashes taxes again. We have Donald Rumsfield's initial prediction that Iraq would only cost 50 billion and Dick Cheney saying, "deficits don't matter" and viola, several trillion added to the debt in a few years. Where were all the talking mouths during this time that the debt ceiling was being raised? Where was the republican outrage while THEY were raising the national debt ceiling for Bush????? I remember reading about congress raising the debt limit a few times during his presidency and thinking it was a bad thing to be racking up this much debt!! We then had banks given carte blanche and then causing The Great Recession which has added greatly to the debt that was built up by Bush. Unbelievable! Too bad all of the foward thinking people on this forum weren't ahead of the curve and calling for fiscal responsibility 10 years ago.

mmpi29
2169
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mmpi29 05/25/12 - 01:26 pm
4
4

pdnet15 - Hansen voter id opinion comment

{{"I worked for the Dept of Transportation in Tennessee for some time. We had rules and procedures, like many states, in how to handle deceased people and Drivers Licenses. You would be amazed at how many of these same licenses were confiscated from minors trying to get into bars and such. What they say is not what they always do."}}

Were you one of "those" typical gov't employees that didn't do what they said?

I am also kind of curious how minors (17 years old) could be using the licenses of dead people? I am assuming that most deceased people are going to be over 55 so the license will have a birthdate that reflects this.

mmpi29
2169
Points
mmpi29 05/25/12 - 01:40 pm
4
4

LLR - Hansen voter id opinion comment

{{" "So if you die in Minnesota, the state, in a timely manner, manages to purge your name as a voter" . Oh so you called all the counties in Minnesota and they operate just like Crow Wing County. It's good that you made those 87 phone calls in 1 hour and 2 minutes so you could do your research."}}

In the time it took you to write this you could check this out yourself. I did ask if this was done in the whole state and yes the Sec. of State's office sends out death lists to purge from the voter lists on a monthly basis (statewide). You know what happens when one assumes too much?

mmpi29
2169
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mmpi29 05/25/12 - 02:28 pm
5
4

Muehlbau - Hansen voter id opinion comment

{{"...infringe on your rights? We need an ID to drive, to buy liquor, to go to college, to cash a check. But something as important as voting we're going to just say, "Nah, don't bother with an ID, we believe ya!" I read a recent article that Florida Secretary of State is going to purge 53,000 dead people from their voting records...finally. Do you realize how much potential there is for voting fraud when dead people are left on the registers? And this is happening everywhere. Have you seen the video where a guy goes into a polling place, asks for Eric Holder's ballot, tries to show his ID and is told "No, we don't need it" and is handed Eric Holder's ballot?
The finger inking process in Iraq provides more integrity to the electoral process than ours does."}}

I didn't research this but are those 53,000 accrued over many years/decades or is it just the two year election cycle? Is this their regular purging or do they never cross check the death filings against the voter lists and therefore have years of accued deaths in their voter listings??? The reason I am suspicious is that MN has about 22000 deaths annually for about 5 million people and Florida has about 19.5 million people???? If it's the fomer than what is the problem - they are just doing a regular annual clean up before this next election and no one would be able to commit fraud on those names in an election (and it isn't what "everyone" - including Mr. Hansen - assumes it is). If it's the latter then it goes to show how incompetent their leaders are (republicans by the way) because in this computer age it should be a very simple matter to cross check death records against the voter lists to regularly eliminate the dead people from them (in other words not let their voter lists accrue lots of dead people for decades)!!!

If Mr. Hansen had taken 1 minute to call the local Auditor he could have found out that is indeed what MN does. Once/twice a month they get a list of the recently deceased from the Sec. of State's Office so they can be purged from the voter lists. This is done on a statewide basis. Even if this wasn't done this often a voters name drops off the list if they don't vote for four years thus there would be little chance of accruing a lot of dead voter's in the system. I think Mr. Hansen is losing a lot of credibility by not doing the most trivial of fact checking. How many more times should anyone believe anything that he says? Why just assume that a mess in Florida's system would have any applicability to MN???? Why automatically assume we were doing what they were doing (if they indeed had a backlog of many years of dead voters). Why not educate yourself about how MN's voting system actually works!!! That way you can have an intelligent and informed opinion instead of spreading insinuations that one could say are planted to deliberately cause people to think a certain way about the voter ID question!!!!!!

muehlbau
19637
Points
muehlbau 05/25/12 - 06:16 pm
3
2

Answer for mmpi

Florida had never cross-referenced their voter registration records with the Social Security death database. Many other states do not do this.

http://www.wtsp.com/news/article/255582/19/Florida-says-53000-dead-voter...

muehlbau
19637
Points
muehlbau 05/25/12 - 06:32 pm
4
2

Heck ya, Obama's debt is a problem...

In 3.3 yrs Obama increased the debt: $5,085,569,319,331.
George Bush took 8 years to increase the debt: $4,899,100,310,609, and he had to contend with the fall out from 9/11 and fighting a real war.

And Clinton did not reduce the debt nor did anything he did balance the budget. What he did do was use Social Security to pay down the public debt (not the total debt, just the portion owned by private individuals). The net effect was that the debt increased every year during Clinton's administration.

Read this for the background financial data:

http://www.craigsteiner.us/articles/16

muehlbau
19637
Points
muehlbau 05/25/12 - 06:50 pm
4
3

The world has turned upside down...

...Chey Guevara is arguing that war is good for the economy!

It wasn't, BTW, my folks lived through WWII and there was plenty of austerity during that time, my friend.

lakelander
708
Points
lakelander 05/25/12 - 07:43 pm
2
3

mmpi29: two thumbs up!

Keep on posting! The Minnesota election process is one of the best in the nation and is probably the best. Just look at the scrubbing process in Florida vs ours.

Cheyenne43
7900
Points
Cheyenne43 05/25/12 - 09:02 pm
3
4

You're hallucinating

muehlbau or perhaps economic history is beyond your pay grade. Our national debt was higher relative to GDP than it is now coming out of (after) WWII but we recovered nicely. Of course, corporations and the wealthy pulled their weight then by paying what they owed.

lakelander
708
Points
lakelander 05/25/12 - 10:04 pm
3
3

Senate tells Coburn: you are unethical!

"The Senate Ethics Committee admonished Republican Sen. Tom Coburn on Friday over his contact with a top aide to former Sen. John Ensign, the Nevada lawmaker who resigned in disgrace last year after lying about his affair with the staffer's wife."

Is there a chapter in his book about this "ethics bomb."

Will Keith be writing a column about this? Inquiring minds want to know.

Fair n Balanced
40535
Points
Fair n Balanced 05/25/12 - 10:45 pm
3
3

Do you really

want to bring up ethics lakelander? Really?
I don't think you should, but you can if you enjoy self-abuse.

Cheyenne43
7900
Points
Cheyenne43 05/25/12 - 11:09 pm
3
3

Another intelligent remark

from a right-wing troll. Try addressing the issues, genius.

muehlbau
19637
Points
muehlbau 05/26/12 - 07:54 am
2
1

I wish I were hallucinating!

Then this whole sorry episode in history would not be real! And nice try at intellectual intimidation, but I'm sorry to tell you it failed. Yes, I know that the relative debt to GDP was higher during WWII. What I'm saying is that life was not cushy during WWII. Perhaps anything other than left-wing historical talking points is a bit above your pay grade, but there was a little thing called "rationing" during WWII. I'd call that an austerity measure, wouldn't you?

http://www.ameshistoricalsociety.org/exhibits/events/rationing.htm

lakelander
708
Points
lakelander 05/26/12 - 08:08 am
2
2

among the nest of hypocrites in DC

is Coburn! He is a member of "the family". If you are not familiar with this pious right wing group of "family men" which included Sanford and Ensign, read "The Family", by Jeff Sharlet.

And tell us why we should listen to anything he has to say?

muehlbau
19637
Points
muehlbau 05/26/12 - 09:49 am
2
1

Oops! I stand corrected...

...our current total debt as a percentage of GDP is higher than it was during the war or the Great Depression. This article contains a Census chart illustrating the problem.

http://www.dailymarkets.com/economy/2010/07/21/the-total-us-debt-to-gdp-...

Are you worried yet, Chey?

muehlbau
19637
Points
muehlbau 05/26/12 - 08:34 am
2
1

Lakelander...

...why are you attacking Coburn's character rather than the premise of his argument? He could have a male prostitution ring operating in the basement of his condow (No, wait, that was Barney Frank...) and his point that we are circling the drain from an economic standpoint could still be right. Personally, I think it's time we hold all politicians to account, regardless of party, for the high cost of government.

lakelander
708
Points
lakelander 05/26/12 - 10:05 am
2
3

because it is so much fun!

Did you mean "condo"?

And character is the mainstay of the GOPers' resumes when running for office. Not so much the Democrats. They accept more imperfections in themselves and others.

But the "holier than thou" attitude is almost impossible not to mock when it fails to live up to the actions of a few Republicans. See how it made you dig into a popular slam against Barney Frank? We both do it, so don't act so pious yourself. LOL!

muehlbau
19637
Points
muehlbau 05/26/12 - 10:39 am
2
1

Indeed, I did mean condo...

...and yes, I know how to spell it, even if I didn't type it correctly. I can even spell condominium.

Yes, character is important, but in this case, it seems like you are fiddling while Rome burns. My comment about Frank was not so much about Frank as it was the silliness of arguing which party is more ethical. Political parties are run by politicians, you know, and anyone who wants to be a politician should be suspect from an ethical standpoint from the outset. And yes, I'm well aware of the double standard held by Democrats. It goes something like this: "Our buddies can do whatever they want, but we will go all Torquemada on any Republican that does something remotely similar." You think Dems are being understanding of imperfections. In reality, they are simply doing the politically expedient thing.

Cheyenne43
7900
Points
Cheyenne43 05/26/12 - 10:57 am
2
2

muehlbau,

I'm talking about post-WWII. What were the factors that allowed a booming recovery and shrinking of the national debt (don't forget the tax rates on corporations and the well-off).

lakelander
708
Points
lakelander 05/26/12 - 11:28 am
1
2

I am waiting upon my call

from Congress to ask me what to do in this crisis...still waiting...
My economic position has not changed much in the last four years, so I am bowing to the superior intellectual voices here to offer solutions to our problems.

I just like to keep folks honest and to see all the facts presented.

And I remember WWII's austerity also. I am old!

"Go Torquemada.." No, we don't want to burn 2,000 heretics like he did. That is not nice. We are more accepting of others' rights to different religious views, as long as they are not forced upon us.

Cheyenne43
7900
Points
Cheyenne43 05/26/12 - 11:33 am
2
2

Most credible studies

and the economists I've heard peg the US national debt at 70% of GDP, muehlbau. It becomes a major drag on economic growth at 90%. Japan has a debt-GDP ratio over 200%. Go figure.

The argument over the debt boils down to who is going to pay? The middle class and poor with slashes to programs like medicare and social security or raising revenues fom those who have benefitted most over the past four decades. Eliminating the Bush tax cuts which favor the wealthy and closing tax loopholes for the same would be a start. Of course Grover Norquist (lobbyist for China) wouldn't like that... it doesn't fit his agenda.

muehlbau
19637
Points
muehlbau 05/26/12 - 11:41 am
2
2

Well, Chey...

...I see you edited your comment to say (after) WWII. I was starting to wonder about you and your new found hawkish attitude.

I'm not sure what you think happened after WWII that would support your apparent conclusion that overwhelming debt is helpful to improving economic activity. Why don't you flesh out your argument a bit more?

lakelander
708
Points
lakelander 05/26/12 - 11:50 am
1
2

yes, chey

Flesh that thesis out a bit more before you post. LOL!

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