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" Only one time in the history of the US we had public debt over 100 % of the economy. And that was World War II, but we got something for World War II. We defeated the Axis powers, we saved the free world and after World War II we were over 50 percent the global economy. The dollar was as good as gold and we had 16 persons working for every person retired on social security. The US grew dramatically and we did not pay off a dime of debt, but public debt as a percentage the economy went down to 26.1 % in 1980. But we lost financial control in 2003 and now we're headed for third world nation status on debt as % the economy if we don't change direction pretty quick. "
Actual US debt is $70,000 BILLION (as of 2012) not $17,000 Billion (figure used in elections and by the media).
Every 1% increase in interest rates requires the US government pay an additional $160 BILLION in interest payments that year alone.
" The National Debt Clock, it’s currently over $16 trillion dollars up from $5.6 trillion in 2000...When you consider unfunded civilian and military pensions and we carry health care, unfunded social security, Medicare programs and various other commitments and contingencies... These numbers are all there in the unofficial financial statements the US government. When you then use a simple principal called Math. At the end of last year it was up to about 70 trillion dollars and going up about 8.2 million a minute, 14.4 billion a day, 80 billion dollars a week and over 4 trillion dollars a year. "
" There are 10,000 people a day eligible to retire on social security & Medicare.... the so-called Baby Boomers. 10,000 new retirees a day for the next 17 years, means the government will have to start paying more benefits, but as people exit the workforce the govt will get less revenue. So it's a double whammy that has to be dealt with.".
Video of David M. Walker Former Head of the GAO
This video is much more Alarming than the GAO Report requiring a 54.7% Federal income Tax Increase in 6 years
David M. Walker Video
GAO is the Auditor of the US government
The Head of the GAO is appointed by the US president. The GAO (US Government Accountability Office) was founded in 1921 and has over 3,000 employees and a $550 million annual budget. The GAO's purpose is to provide independent analysis and expert guidance to the US Congress. The GAO is THE authority on US debt and future US tax rates.
" People think that they've paid for their Medicare benefits because we pay payroll taxes for Part A hospital insurance and when we want to retire, we pay premiums for Part A and Part B.
The truth is, the typical person gets 315 % return on their Medicare payroll taxes and premiums. In part because 95 % of people who voluntarily sign up for Medicare's Part B and D, which cover outpatient and physician prescription drugs, get a 75 % taxpayer subsidy, irrespective of their income and wealth. So we are subsidizing people who are very well-off."
David M Walker, states that the real debt is just under $80,000 BILLION dollars. That is $80 TRILLION NOT the $16 Trillion figure used in the media and during elections. What is referred to as “debt” in the media is actually a small part of the debt. This larger stealth debt is called “unfunded obligations” and this debt is approximately 350% larger than the official debt. The stealth debt includes social security and medicare, etc. That was recorded 4 years ago.
Watch You Tube video Understanding the Debt Problem - Explained by David M. Walker. 14 minute video.
34 second mark: The US govt is 23% of the US economy, 12X larger than it was in 1912.
2:33 mark: Only 1 country in Europe has as high a % to GDP of debt as the USA and that is Greece.
3:40 mark: in 2012, your share of debt was $225,000 for a total of $70 trillion. In 2000 it was $20 trillion.
4:10 mark: The debt is increasing by $14.4 billion per day, $80 billion per week, $4,000 billion a year.
7:20 mark: 10,000 people a day for the next 17 years are eligible to retire on social security and medicare
8:20 mark: The US spends twice as much per capita on healthcare as European nations but the US has below average results
8:40 mark: It is the same for K-12 education.
9: 00 mark: The USA spends as much on defense as the next 20 nations combined and most of those are our Allies
Quotes and Screen Captures from the You Tube video above which every US Business Owner should Know
" Medicare Part A, the hospital insurance program has been adding the deficits for a number of years in a row now. Social Security didn't add a dime to the deficit in recent years until 2010, but now is increasingly paying out more than it takes in. The cash flow deficits from both these programs are going to grow rapidly in the coming years. "
Bottom line...Lower your Taxes & Use Tax Savings to Grow your Business and Fund a Tax Free Retirement.
Howard Francis, Private Equity CEO & Author (3x)
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