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Report: True National Debt Exceeds $123 Trillion, or Nearly $800,000 per Taxpayer

The Democrat-CCP continues to impose more crushing debt on the American people, kill businesses, lockdown whole cities throw millions of out work.

China is taking over. Note what’s important and prioritized in their strategy for world domination – debt and spending. Balanced against the value of its commercial assets, the federal government had a combined total of $103.7 trillion in debts, liabilities, and unfunded obligations.

COVID was an act of war  by China– launched during a US presidential election exploited and weaponized by the party of treason.

True National Debt Exceeds $123 Trillion, or Nearly $800,000 per Taxpayer, Report

By Mark Tapscott, The Epoch Times, April 19, 2021:

America’s national debt now exceeds $123 trillion, according to a new report, or more than four times the official figure of $28 trillion, as calculated by the U.S. Treasury Department at the end of March.

Federal spending related to the CCP virus pandemic and economic lockdown added nearly $10 trillion to the total in 2020, according to the latest edition of the “Financial State of the Union 2021” report, compiled and published annually by Chicago-based nonprofit Truth in Accounting (TIA).

But spending amid the pandemic represents only a small portion of the total difference between the official government figure and TIA’s calculation.

“Our measure of the government’s financial condition includes reported federal assets and liabilities, as well as promised, but not funded, Social Security and Medicare benefits,” the report stated.

“Elected and non-elected officials have made repeated financial decisions that have left the federal government with a debt burden of $123.11 trillion, including unfunded Social Security and Medicare promises.”

The TIA report includes in its total debt calculation $55.12 trillion in unfunded Medicare benefits and $41.20 trillion in unfunded Social Security benefits.

Treasury officials don’t include unfunded benefits because they claim recipients have no right to future payments, only to those under current entitlement laws.

The total debt, according to the report, “equates to a $796,000 burden for every federal taxpayer. Because the federal government would need such a vast amount of money from taxpayers to cover this debt, it received an ‘F’ grade for its financial condition.”

Unlike many state governments, the federal government doesn’t maintain a cash reserve to deal with spending necessitated by unexpected crises such as a virus pandemic.

“The coronavirus pandemic and related stimulus packages have caused some of the deterioration because the government had to borrow money to weather the pandemic. If the federal government was properly prepared for a crisis with a true rainy-day fund, it would not have had to borrow money,” TIA stated.

Defense and veterans’ benefits accounted for the largest share of federal spending in 2020 at 23 percent, followed by health and human services with 19 percent, Social Security with 16 percent, interest on the debt at 5 percent, and 2 percent on education. Fully a third (35 percent) of the spending went to what TIA described as “Other.”

Responses

Spokesmen for Sen. Bernie Sanders (I-Vt.) and Sen. Lindsey Graham (R-S.C.), respectively the chairman and ranking minority member of the Senate Budget Committee, didn’t respond to The Epoch Times request for comment.

Similarly, a spokesman for House Budget Committee Chairman Rep. John Yarmuth (D-Ky.), didn’t respond.

Mondays are typically “travel days” for senators returning from their states and representatives from the districts.

A spokesman for Rep. Jason Smith (R-Mo.), the budget panel’s ranking minority member, referred to a March 31 statement in which Smith criticized news spending proposals from President Joe Biden and congressional Democrats.

“Washington Democrats are embracing an historically disturbing appetite for spending. They just passed a nearly $2 Trillion bailout bill. President Biden is now proposing they turn right back around and cut a check for another $2 trillion to spend on a massive grab bag of policies all tied together with talking points,” Smith wrote.

“All the while, the President reportedly has yet another $2 trillion spending proposal in his back pocket awaiting its own news cycle.”

Consultants Agree

Campaign strategists and nonprofit activists interviewed by The Epoch Times about the TIA report expressed agreement that debt requires serious attention to get it under control.

Jim Manley, former communications director to Senate Majority Leader Harry Reid (D-Nev.), said “at some point, both parties are going to have to have a serious negotiation regarding the need to get our fiscal house in better order, and that includes both taxes and spending, but I don’t see that happening anytime soon because our politics are just too toxic.”

But, Manley said, “in the meantime interest rates are low and the economy is digging itself out of the hole the pandemic caused, but there is no reason for Democrats to be at all concerned about the Republicans’ new-found focus on cutting spending after everything the last administration did.”

He was referring, he said, to 2017 tax reform legislation enacted by Republican majorities in the House and Senate and signed into law by President Donald Trump.

Another Democratic campaign strategist, Kevin B. Chavous, told The Epoch Times: “This has been an issue that both parties have simply failed to address. It will not be fixed, though, by doing the same things.”

Chavous said he expects “the infrastructure bill will create jobs and grow the economy by investing in modern technology and cleaner energy sources. Things like a nationalized electric grid and expanded broadband access will make Americans more productive and more competitive in the years to come. It is an expense we have to make sooner than later.”

Taxpayers Protection Alliance (TPA) President David Williams pointed to the need to cut federal spending. “A debt of $123 trillion should be a wake-up call for the country. The bill is coming due very soon, which could have dire consequences for taxpayers and the country.”

Williams said Biden and congressional leaders “are seemingly oblivious to the stark fiscal crisis happening right under their noses. Worse yet, if they are aware of the deep financial issues, they are clearly not doing anything to fix the problem. Instead of finding ways to spend more money, Congress and the president need to find ways to cut spending.”

Citizens Against Government Waste (CAGW) President Tom Schatz noted that President Thomas Jefferson said the nation’s representatives shouldn’t accumulate debts that can’t be paid in their own time, and while this has been problematic for years, it has never been this significant.

Schatz said he believes “members of Congress have an obligation to attempt to bring spending under control and ensure that present and future taxpayers are not forced to fund any federal program that is duplicative, wasteful, and inefficient.”

When The Epoch Times asked TIA President Sheila Weinberg if it’s reasonable to depend upon future economic growth to solve the debt problem, she said no, and noted that the Treasury Department agrees.

“The authors of the Financial Report of the U.S. Government have deemed that under current law and policy, a massive implied increase in the ratio of reported debt to GDP—e.g. future debt will be growing faster than GDP—is simply unsustainable,” she said.

“In other words, under current law and policy, we can’t grow our way out of this, especially considering Medicare grows faster than inflation.”

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Retired DHS Intelligence Officer Blows Whistle on Federal Government’s role in Islamic terror threat

WASHINGTON, D.C. — One day after a prominent U.S. Muslim leader reacted to the November 2015 Paris attacks with a declaration that the Islamic State, also known as ISIS, has nothing to do with Islam, President Obama made the same assertion.

Who exactly is the enemy we face, not only in the Middle East but also within our borders? Is it “murderers without a coherent creed” or “nihilistic killers who want to tear things down,” as some described ISIS after 130 people were brutally slain and another 368 injured in a coordinated attack on Western soil that authorities say was organized with help from inside France’s Muslim communities.

After the Paris attacks, Obama, himself, described ISIS as “simply a network of killers who are brutalizing local populations.”

But how much do words and definitions really matter? According to the legendary military strategist Sun Tzu, if “you do not know your enemies but do know yourself, you will win one (battle) and lose one; if you do not know your enemies nor yourself, you will be imperiled in every single battle.”

When the Department of Homeland Security was founded in 2003, its stated purpose was “preventing terrorist attacks within the United States and reducing America’s vulnerability to terrorism.” The Bush administration’s definition of the enemy as a tactic, terrorism, rather than a specific movement, proved consequential amid a culture of political correctness. By the time President Obama took office, Muslim Brotherhood-linked leaders in the United States were forcing changes to national security policy and even being invited into the highest chambers of influence. A policy known as Countering Violent Extremism emerged, downplaying the threat of supremacist Islam as unrelated to the religion and just one among many violent ideological movements.

When recently retired DHS front-line officer and intelligence expert Philip Haney bravely tried to say something about the people and organizations that threatened the nation, his intelligence information was eliminated, and he was investigated by the very agency assigned to protect the country. The national campaign by the DHS to raise public awareness of terrorism and terrorism-related crime known as If You See Something, Say Something effectively has become If You See Something, Say Nothing.

To be released by WND Books on May 24, 2016, in See Something, Say Nothing: A Homeland Security Officer Exposes the Government’s Submission to Jihad, Haney – a charter member of DHS with previous experience in the Middle East – and co-author Art Moore expose just how deeply the submission, denial and deception run. Haney’s insider, eyewitness account, supported by internal memos and documents, exposes a federal government capitulating to an enemy within and punishing those who reject its narrative.

Haney discloses:

  • How the Bush administration stripped him and other front-line officers of their ability to define the threat;
  • How much the Obama administration knew in advance of the Boston Marathon bombing and how it launched an ongoing cover-up on behalf of a major ally;
  • The administration’s stealth policy to protect Islamic leaders with supremacist beliefs and violent-jihadist ties, allowing them to freely travel between the U.S. and the Middle East;
  • The scope of access to the White House and the classified information the Obama administration gave to members of Muslim Brotherhood front groups;
  • The damning intelligence on Muslim Brotherhood-linked leaders invited to sit at the table and help form national-security policy;
  • The “words matter” memo imposing the demands of radical U.S. Muslim leaders on the DHS, including stripping intelligence and official communications of any mention of Islam in association with terrorism;
  • The purging of training material that casts Islam in a negative light;
  • The erasing and altering of vital intelligence on terrorists and terror threats;
  • The fear-based tactics imposed by the Muslim Brotherhood front groups in the U.S. and their accomplices that paralyze officials, members of Congress and any Department of Homeland Security employee who dares to expose or resist their agenda; and

Much more …

In this well-documented, first-person account of his unique service with DHS, Haney shows why it’s imperative that Americans demand that when they see something and say something, the servants under their charge do something to prevent a cunning, relentless enemy from carrying out its stated aim to “destroy Western Civilization from within.”

ABOUT PHILIP B. HANEY

Philip Haney studied Arabic culture and language while working as a scientist in the Middle East before he was hired as a founding member of the Department of Homeland Security in 2003. After becoming an armed Customs and Border Protection officer, he served several tours of duty at the National Targeting Center near Washington, DC, where he quickly was promoted to its Advanced Targeting Team, an unprecedented accomplishment for an agent on temporary duty assignment. Officer Haney won numerous awards and commendations from his superiors for meticulously compiling information and producing actionable reports that led to the identification of hundreds of terrorists. He has specialized in Islamic theology and the strategy and tactics of the global Islamic movement. He retired honorably in July 2015.

ABOUT ART MOORE

Art Moore is an editor for online news giant WND. He entered the media world as a public relations assistant for the Seattle Mariners and a sports correspondent for Associated Press Radio. Moore served for ten years in Eastern Europe with a Christian organization and earned a master’s degree in communications from Wheaton College. Before joining WND shortly after 9/11, he was an editor for the news service Worldwide Newsroom and senior news writer for Christianity Today magazine.

See Something, Say Nothing will be in bookstores nationwide on May 24, 2016

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