Nine TRILLION National Debt is Dwarfed? By What?
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According to Fed Chairman Ben Bernanke our accumulted nation debt of 9 (nine) Trillion ($9,000,000,000,000 I think….so many zeros) is dwarfed by our UNFUNDED LIABILITIES of Social Security and Medicare.
And our politicians pander and posture. Maybe they should be required to return some of their salaries back to the American people.
He clearly said we will “come to a crisis at some point” if we do not deal with them (unfunded liabilities) soon.
Along that line, one report indicted Moodys said the triple A standard our national 30 year government bond, the “long bond”enjoys could be lost. But then these are the same guys who rated undocumented loans with no equity to borrowers with current bad credit as Triple A. omg.
Bernanke suggested two decades.
The legislature breathed a sigh of relief because most of them know they will not be around then and continued to focus on short term political posturing. Pure Short Term Hypocrisy.