The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
All in, the public debt of the United States is about $14 trillion. Add into that the unfunded promises of Social Security, Medicare, and Medicaid, and you get to about $60 trillion. Then fold in the total liabilities incurred by the various bailouts and guarantees issued by the feds in light of the financial collapse, and you get pretty close to $100 trillion.
That's according to one of the largest and most influential institutional investors in the world, Bill Gross of Pimco. He had this to say on CNBC today:
"To think that we can reduce that within the space of a year or two is not a realistic assumption," Gross said in a live interview. "That's much more than Greece, that's much more than almost any other developed country. We've got a problem and we have to get after it quickly."
And then he added this:
"We've always wondered who will buy Treasurys" after the Federal Reserve purchases the last of its $600 billion to end the second leg of its quantitative easing program later this month, Gross said. "It's certainly not Pimco and it's probably not the bond funds of the world."
Meanwhile, our president goes golfing again. For the 11th weekend in a row. I'm almost embarrassed to say it, but if a Republican president was golfing so much, in a time of 9% unemployment, wouldn't it be a bigger deal?
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Mar '11
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
The golf course is probably the best place for him to do the least amount of harm.
May '11
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
I had no idea that he has played golf 11 weeks in a row. Obviously the media is not widely reporting it. That said, I don't want this president to do anything. The only thing he has done that I approve of is authorizing the Bin Laden mission and I'm not sure that he really had much choice there. Unfortunately, the more golf he plays, the better off we all are. I can't think of a politician more out of touch with the concerns of his constituents however.
Sep '10
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
Caption: President Obama begins to lean to the right.
Mar '11
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
That's only to get himself re-elected, after which he will return to the Left and the Golf course, while Obamacare comes into effect and the country is lost to Socialism and bankruptcy.
Edited on Jun 13, 2011 at 11:55amAug '10
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
As the press corps marches into the showers to wash off the stench of the garbage they have been digging through in an effort to find a mistake by Sarah Palin, we continue to not hear about the real unemployment numbers, the dismal car sales at Govt Motors, the EPA and Obamacare getting their keisters kicked in courts around the country, our allies being subsumed by the Muslim Brotherhood as Obama's "WTF"s still echo in the halls of the White House after Bibi Netanyahu handed him his comeuppance on tv, and the numbers which you hesitate to disclose as probably being closer to 300 trillion for total unfunded legacy costs going forward.
The leviathan is loose, it's lost, and it's hungry. We had better be picking our soldiers now, instead of worrying about charisma levels and who gets the most negative attention from the stinking press.
Mar '11
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
Can a man who wears socks and sandals at the same time be taken seriously? I ask you.
Mar '11
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
Risible duffer
O man-child who would be king...
Winter approaches.
Aug '10
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
Yet the American electorate sleeps on. Forty-five percent of Americans approve of him.
May '10
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
Kevin Williamson put the government's fictitious debt figures in perspective a year ago.
Isn't this a natural extension of the self-esteem movement? We're investing in ourselves.
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
If the Republicans have any moxie, they will run ads starting with Nero fiddling while Rome burns and ending with Obama golfing while . . .
Nov '10
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
Isn't this analogy a little unfair? To Nero, I mean?
Jan '11
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
I picked up a $6 sale copy of Bob Woodward's book Obama's Wars, and read it over the weekend. It solidified my impression of Obama. He's got an agenda, but he isn't a leader.
My impression of Obama is that he expects to set the goal, and then it's up to everyone else. Execution is their job, not his. Just like with healthcare - he set the goal, and gave the task to Congress (i.e., their staffers). He didn't know the details of his program. Hey, that was for others to fill in.
Woodward's portrayal of Obama in his book confirmed every suspicion. Obama basically demands three options for success, as if attractive options grew on trees. The staff is left to create a solution out of the mess. Without leadership, the staff flounders and wacky bureaucracy ensues.
During the review, Obama doesn't commit, but then he gets tired of the debate and arbitrarily selects a strategy that's entirely political (screw the review), and then demands absolute loyalty to it. He was decisive, but long after his team needed it.
I've had managers like that - and hated them.
Jul '10
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
Pithy as ever, Pseud!
I'd just take it a little farther and note that while it may be Obama's right, to everyone else looking at the picture it's the left.
Jan '11
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
Too many Americans may not know who Nero is. I thought they could runs ads of his famous "...they ran the car into the ditch" speech and show him jsut spinning the wheels of the car, sinking deeper & deeper with mud spashing on: a hospital room w/ patient and doctors (Obamacare), an assembly line (Boeing), a person getting gasoline (drilling moratorium), a realtor showing some one a house, an unemployment line.
Nov '10
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
Sinking putts while the economy sinks?
Are you sinking what I'm sinking?
May '10
Re: The US is in Worse Shape than Spain. Related: Obama Goes Golfing (Again)
Perhaps that is what the Roman ruling class did in the decline, wandered their kept gardens whilst the Vandals, Ostrogoths, etc gathered. Alas the West does not have a Byzantium to retreat to anymore.
(Sox and sandals on the links? Not just a tin ear to the public, but a stannous sense of dress too.)
Sweet J_sus we are going to Hell in a Golf Cart.