Your share of the national debt is now $1.1 million -

Each U.S. taxpayer now has a federal-debt liability of $1.1 million, and rising.

Remember that when President Obama boasts that the federal deficit—the shortfall between annual revenues and spending—is declining. Of course, the primary reason for the decline is the sequester, which was his idea but now adamantly opposes.

The public tends to focus on the total national debt, which just passed the $17 trillion mark—up from $10.6 trillion when President Obama took office. But that figure pales in comparison to the federal government’s long term unfunded liabilities—money the government is obligated to pay over and above the revenues it is estimated to receive.

According to the U.S. Debt Clock, total long term unfunded liabilities are at $126 trillion, a $1.1 million liability for each U.S. taxpayer.

The main driver of that astronomical number is two of our major entitlement programs: Social Security and Medicare.

The Debt Clock says Social Security is looking at $16.6 trillion in unfunded liabilities, while Medicare faces $87.6 trillion. And Medicare’s prescription drug benefit, which passed in 2003, adds another $22 trillion.

The Debt Clock’s Medicare unfunded liability is twice the current government projection—$43 trillion—because Democrats used Obamacare to try and deceive the public. Prior to passage the government’s estimate was similar to the Debt Clock’s.

That difference is because Obamacare requires the Medicare trustees, who annually report on the program’s financial condition, to assume that Medicare will significantly cut reimbursements to doctors and hospitals in the future.

Via: Rare

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Iacocca: America needs a turnaround, which is why I'm voting Romney

I've seen a lot of situations that needed a turnaround in my time, and I know one when I see one. Trust me, America needs a turnaround.

America is in deep trouble. After four years, economic growth is still anemic, our annual deficits were not cut in half as promised, and our staggering $16 trillion federal debt hangs over us and our kids like the plague. Our people are hurting, they can't find jobs, they have lost a major part of their net worth, the number of Americans living in poverty is at unacceptable levels, and we just aren't doing the things that would get our country back on the right track.

Like any turnaround it must begin by honestly facing our problems; hope and speeches won't get our people back to work. It will require experienced leadership that can create and lead policy change that will enable a more robust and competitive America. We need leadership that understands that government, just like American families, can't continue to spend beyond its means. We must find leadership that won't pander to the people, but rather will speak honestly to them about our situation, explaining in simple terms what we have to do to get back on the right track. And we need leadership that can bring us together in a sense of shared responsibility so that we can move forward as a team. All of us. As Americans.

America needs new leadership

Mitt Romney has successfully led both public and private sector turnarounds. He is a bright and successful man; he is a good man, a caring man, a man of integrity, family and faith. Importantly, he recognizes we are in a tough situation. With dozens of years of real world experience in the public and private sectors, he knows what he's talking about. His policies will enable a stronger America, one in which all Americans can share. He was groomed and trained for this moment.

Via: The Detroit News

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