How much is $106 trillion? I have no idea but I feel pretty certain it will eventually crash our economy. Some say it already has, we just haven't felt the effects of it yet.
"The figure of $106 trillion is only the medium estimate, or $106,954,000,000,000. Even the lowest, extremely conservative estimate comes in at $72 trillion. The highest debt estimate is over $120 trillion.
In the meantime, White House chief of staff Dennis McDonough, congressional liaison Rob Nabors along with other Obama officials has reiterated that U.S. President Barack Obama's position that the purported $4 trillion in deficit reduction would basically solve the problem for now.
GOP deficit projections, as prepared by Johnson and obtained by National Review Online have revealed the true size of the problem. It's disconcerting considering the many seasoned budget negotiators involved.
The deficit amount is so huge that some controversial reforms appear inconsequential in comparison. Take Obama's "chained CPI" proposal: it would save an estimated $89 billion over ten years, or 1.3 percent of the total deficit over those same ten years.
The Senate GOP projection is for 30 years, which encompasses the retirement of the baby boomers, a far more significant problem than the deficits of the past few years.
"In all of these budget negotiations, we're really trapped by this ten-year budget window, which, truthfully, minimizes the problem," Johnson said.
CBO's long-term budget outlook offers two estimates: the "baseline" scenario and "alternative fiscal scenario."
What do you think? How does our economy continue to limp along? What will cause it to crash? I read John Burns from Kansas on Market Talk and no wonder some farmers are squirreling away cash in a form they think will be useful.
Your thoughts and feelings are always treasured here. Blogger says I have nearly 800 page views per day right now. I thank all my readers. Keep emailing and commenting, please.
Ed Winkle
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