Tuesday, March 20, 2012
DEBT TO GDP RATIO -- TRUTH -- ADMISSION SS DEBT NOT TO BE PAID
Leftist Obama shill, Bob Beckel, admitted on FOX NEWS that the General Fund debt to the Social Security Trust Fund, now on SS's balance sheet at $4.9 Trillion, is DEBT THAT WON'T BE PAID.
I have written and spoken often that the debt to GDP ratio is falsely reported as approximately 70% while it has actually been 100% ($14T debt, $14T GDP) until the debt ceiling was raised. With the increase in debt ceiling to $15.2 T, the debt to GDP is about 107%. To challenge my assertions, those reporting the low number simply state (even in print) that only "outside debt" is considered. NO OTHER EXPLANATION!
The only explanation had to be either: a) there is no intent to pay the debt from general funds or, b) the debt will be monetized (printed), hence drastically debasing the dollar (inflation!).
I wrote a note to FOX NEWS explaining this. Others must have done similarly. A few days ago the subject was discussed in a program with one of their too many leftist commentators, Bob Beckel, present.
Beckel "clarified" the issue when the Social Security debt was mentioned. HE SAID SIMPLY, "OH THAT'S DEBT WE DON'T HAVE TO PAY."
Why many people do not want to know the truth is incomprehensible -- but many on the political left simply refuse to accept the reality, Why??
More later: It is much worse than 107% (how about 400%) when unfunded entitlements are calculated without massive tax increases.
More false reporting later. How about unemployment statistics?? You don't have the real number!