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The following is a visualization of our current national debt, at about $15 trillion. Notice that for reference and scale the semi truck and Statue of Liberty. You might think no big deal. However, each tiny square in that stack of cash is a pallet of $100 bills, each worth $1 million.
You have to visit the website www.wtfnoway.com to get the full impact of our unfunded liabilities, also known as off balance sheet debt or the sum of the liabilities for Social Security, Medicare, and Medicare Part D (prescription drug prgram) based on current tax and funding inputs and on projections. These unfunded liabilities are over $114 trillion dollars.
The only word is… inconceivable. And unsustainable.
by Vitaly Salnik, 15.07.2011
 President Obama is threatening with non-payment of pensions if the government fails to increase the national debt ceiling. The most powerful populist arguments are being used, but Obama has yet to succeed in breaking the resistance of the Republicans in Congress. Experts are speculating: the country is actually threatened by a default, but the U.S. is an unusual economy.
Obama said that he “cannot guarantee” the payment of retirement benefits in August to 27 million people. According to Obama, it all boils down to the legal size limit of public debt that currently is at $14.3 trillion. White House proposes to increase the upper limit by $2.4 trillion. There is a joke in the United States that Obama asked his finance minister: “What number comes after trillion?”
Continue reading Europe and USA in battle of debts
 Citizens United to End Ohio’s Estate Tax Commends General Assembly Members and Gov. Kasich for Ending Ohio’s Estate Tax.
With Gov. John Kasich’s signature today on Ohio’s biennial 2012-2013 budget, he eliminates a projected $8 billion deficit and for the first time since 1893 will end – effective Jan. 1, 2013 – Ohio’s estate tax. The repeal marks success for the two year Citizens United initiative campaign and fulfills a campaign pledge made by Gov. Kasich and many General Assembly members.
With the nation’s lowest asset exemption of $338,333, more productive Ohioans are punished by our estate tax than by any other state. What’s more, the estate of an Ohioan is over 50 times more likely to be subject to our estate tax than by the federal estate tax.
Continue reading Citizens United to End Ohio’s Estate Tax Commends General Assembly
2012 is the dead-line (end of life) for your favorite incandescent light bulbs. 100 Watt LED’s can cost up to $50 each. Read more…
According to the Treasury’s Bureau of the Public Debt, the nation debt stood at $14.31 trillion dollars as of the end of day Friday, April 15th.
Even though the Republicans cut of $38.5 billion for the rest of fiscal year 2011, the national debt rose $34.54 billion dollars just in one day – the traditional tax day of April 15th, 2001- this past Friday.
$34.54 billion. That’s with a “B”. So much for fiscal responsibility by our newly elected Republicans. And now I want to show you why I’m peeved.
To give you an idea of what a million, billion and trillion dollars is, let’s take a quick look.
Here’s $10,000 in $100 bills – a stack of 100 to be exact. That would fit nicely into your pocket.
 Continue reading US has maxed its credit card – and I’m Peeved!
 By ANDREW TAYLOR – My Way.com
WASHINGTON (AP) – The historic $38 billion in budget cuts resulting from at-times hostile bargaining between Congress and the Obama White House were accomplished in large part by pruning money left over from previous years, using accounting sleight of hand and going after programs President Barack Obama had targeted anyway.
Such moves permitted Obama to save favorite programs – Pell grants for poor college students, health research and “Race to the Top” aid for public schools, among others – from Republican knives, according to new details of the legislation released Tuesday morning.
And big holes in foreign aid and Environmental Protection Agency accounts were patched in large part. Republicans also gave up politically treacherous cuts to the Agriculture Department’s food inspection program. Continue reading Budget tricks helped Obama save programs from cuts
BY MICHAEL BIESECKER - STAFF WRITER for NewsObserver
RALEIGH — Cautioning that the federal dollars in your wallet could soon be little more than green paper backed by broken promises, state Rep. Glen Bradley wants North Carolina to issue its own legal tender backed by silver and gold.
The Republican from Youngsville has introduced a bill that would establish a legislative commission to study his plan for a state currency. He is also drafting a second bill that would require state government to accept gold and silver coins as payment for taxes and fees.
If the state treasurer starts accepting precious metals as payment, Bradley said that could prod the private sector to follow suit – potentially allowing residents to trade gold for groceries.
“I think we’re in the process of inflating a dollar bubble that could be very devastating,” said Bradley, a freshman legislator elected in November’s GOP tide. “The idea is once the study commission finishes its work, then we could build on top of the hard-money currency with an actual State Tender Act that will basically [issue currency] in correspondence to precious metals stored in the state treasury.” Continue reading NC Legislator says the state needs its own currency
 STATESVILLE, NC—Bernard von NotHaus, 67, was convicted today by a federal jury of making, possessing, and selling his own coins, announced Anne M. Tompkins, U.S. Attorney for the Western District of North Carolina. Following an eight-day trial and less than two hours of deliberation, von NotHaus, the founder and monetary architect of a currency known as the Liberty Dollar, was found guilty by a jury in Statesville, North Carolina, of making coins resembling and similar to United States coins; of issuing, passing, selling, and possessing Liberty Dollar coins; of issuing and passing Liberty Dollar coins intended for use as current money; and of conspiracy against the United States. The guilty verdict concluded an investigation which began in 2005 and involved the minting of Liberty Dollar coins with a current value of approximately $7 million. Joining the U.S. Attorney Anne M. Tompkins in making today’s announcement are Edward J. Montooth, Acting Special Agent in Charge of the FBI, Charlotte Division; Russell F. Nelson, Special Agent in Charge of the United States Secret Service, Charlotte Division; and Sheriff Van Duncan of the Buncombe County Sheriff’s Office. Continue reading NC Man Convicted of Domestic Terrorism for Making Own Coins
 By Timothy Puko
PITTSBURGH TRIBUNE-REVIEW
Allegheny County Council declared a Rankin steel plant a “sweatshop” Tuesday night, the culmination of an 18-month union campaign against W&K Steel LLC.
The bill moves to County Executive Dan Onorato, who hasn’t decided whether to approve a designation that bars the nonunion company from county projects, county manager Jim Flynn said.
W&K Steel doesn’t have any county contracts. Council members said they were acting on accusations of low pay and unsafe working conditions. Continue reading Union Drives Allegheny County Council to Label Business a Sweatshop
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Citizens United to End Ohio’s Estate Tax Commends General Assembly
With Gov. John Kasich’s signature today on Ohio’s biennial 2012-2013 budget, he eliminates a projected $8 billion deficit and for the first time since 1893 will end – effective Jan. 1, 2013 – Ohio’s estate tax. The repeal marks success for the two year Citizens United initiative campaign and fulfills a campaign pledge made by Gov. Kasich and many General Assembly members.
With the nation’s lowest asset exemption of $338,333, more productive Ohioans are punished by our estate tax than by any other state. What’s more, the estate of an Ohioan is over 50 times more likely to be subject to our estate tax than by the federal estate tax.
Continue reading Citizens United to End Ohio’s Estate Tax Commends General Assembly