James Hamilton, a University of California at San Diego
economics professor says that the U.S. Government has been under-reporting the
amount of U.S. debt for years, and that the actual figure we owe is closer to
$70 trillion. The $53 trillion difference
between what they tell us, $17 trillion, and the $70 trillion we owe is largely
due to failure to account for “unfunded liabilities.” In other words, we have looming liabilities
that we don’t have the money set aside to cover.
COMMENTS:
Several prominent economists echo these remarks. America is going to have to come to grips
with this debt and with the fact that the Obama Administration has never… never
to my knowledge… provided a statistic or monetary figure that was
accurate. The problem starts with his
assertion we have 57 states.
TODAY’S QUERIES & ANSWERS:
Q. What happens if Egypt erupts in a civil war, similar to
the one now ongoing in Syria? (Thad ~
Des Moines, IA)
A. Such an eventuality could be the spark that ignites World
War III. Egypt has long been the anchor
of stability in the Middle East. With
the rapid and unchecked growth of radical Islam, the Muslim Brotherhood and Al
Qaeda, the country will quickly destabilize and a bloody battle for control
will entice the Russians and the Chinese to stick their noses into it; there’s
just simply too much oil at stake.
Q. Oliver Stone is a well-known and very liberal Hollywood
producer/director. He was also very
outspoken about his admiration for Barack Obama. Now, I hear he’s called Obama “a snake, and
we have to turn on him.” Why? (Lotus ~ Daly City, CA)
A. Because of Obama’s use of the N.S.A. to spy on his
political enemies. “The Boston Marathon,
they were so busy tracking down potential protestors…that they missed the
bombers.” He also stands behind Edward
Snowden for cluing the country in on what has been going on.
Q. Do you think Obama is detached from reality? (Felix ~ Bernalillo, NM)
A. During the Ben Laden raid, he spent a substantial amount
of time out of the Situation Room playing cards upstairs. He has his own reality, a reality in which he
is the Supreme Being and all others are his subject pissants. Very few can penetrate that reality.
TODAY’S QUOTE:
“Under President Obama, we have spent more money - he has
spent more money than any other president in this history, actually, the
combined total from Washington up to George W. Bush. President Obama has racked
up more spending, $1 trillion deficits. And it's time that he join us in this
effort to get our fiscal house in order.” ~ Cathy McMorris
TODAY’S VIDEO:
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