Cory Christofferson, Published June 26 2011
Is his plan better than lake outlet?I recently read where Sen. John Hoeven, R-N.D., was in Fargo speaking at the Great Plains Young Professionals Summit but took a break to tell us what his plans are for improving the national economy. Hoeven says Washington should have a two-year budget plan: one year to get the budget in place and another to work out the kinks.
According to the Federal Reserve flow of funds report, the U.S. has $14 trillion in government debt, $17 trillion in leveraged banking and financial services debt, $11 trillion in corporate debt, and a staggering $14 trillion in consumer debt: mortgages, car loans credit cards, etc. In total, $56 trillion in total debt – and that doesn’t include the estimated $46 trillion in unfunded liabilities for Medicaid, Medicare and Social Security, according to the U.S. Treasury. The best experts outside of the government estimate those unfunded liabilities to be more like $66 trillion.
Add it all up, and that’s $102 trillion to $122 trillion in debt ... or about $330,000 to $400,000 for every man, women and child in America.
Sure hope Hoeven’s new plan works better than his west-end Devils Lake outlet did.