Tag: Freddie Mac and Fannie Mae

Haven’t some of us been saying so?

What you ask? Well, that the real problem is the financial obligations to keep up the socialist bullshit:

When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries, Pimco’s Bill Gross told CNBC Monday. Much of the public focus is on the nation’s public debt, which is $14.3 trillion. But that doesn’t include money guaranteed for Medicare, Medicaid and Social Security, which comes to close to $50 trillion, according to government figures. The government also is on the hook for other debts such as the programs related to the bailout of the financial system following the crisis of 2008 and 2009, government figures show. Taken together, Gross puts the total at “nearly $100 trillion,” that while perhaps a bit on the high side, places the country in a highly unenviable fiscal position that he said won’t find a solution overnight.

Lets’ break this revelation down…

Current US debt, yes, the same one Obama wants raised pronto so the left can keep spending like it’s other people’s money, is at $14.3 trillion. That’s the debt the Chinese recently accused us of already defaulting on. But that debt figure seems dwarfed by the $50 trillion in guaranteed Medicare, Medicaid, and SS outlays of $50 trillion! And that’s according to the government’s own numbers, which means you can likely double that freaking number based on past performance. $50 trillion! Wow? Is this adjusted for Obamacare? I bet not.

Then we have the bailout of the financial sector for which we get no details or numbers. Wonder how much of that is money we had to pay because the democrats wanted to play Santa Claus with homeownership, directly to the financial institutions that put their necks on the chopping block giving loans to bad risks, and how much more to bail out Freddie & Fannie, which they used to launder the shitty loans through before sending them to be auctioned for primo dollars on the credit default swap market? Last I heard Freddie & Fannie are going to stick us with anywhere from $1 to $65 trillion, but Gross seems to think the number is in the high thirty trillion from that $100 trillion debt obligation. This is scary stuff!

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.”

Worse than Greece? Ouch! And I cry bullshit! Debbie Wasserman-Shultz says president Obama has turned the economy around! Nothing to worry about people. All is peachy.