The Daily Star, Oneonta, NY - otsego county news, delaware county news, oneonta news, oneonta sports

Breaking News

Columns

October 9, 2012

Rising debt too hot to handle for clock

A terrible thing happened the other day. The U.S. Debt Clock was spinning on full “rock ‘n’ roll” at 16,200 rpm. There were reports of smoke and a peculiar metal-on-metal sound, and suddenly, the U.S. Debt Clock came to a screeching halt.

In 2004, the original U.S. Debt Clock bearings were designed to last for 90 years, but Jan. 20, 2008, an inspection was made, and they were found to be in “like-new” condition. However, the technicians had no idea what was in store.

Because of excessive heat and friction from ratcheting up debt of $4 billion per day, the 2-inch Triple-Lip Sealed Timken Marine-Class bearings seized and galled themselves onto the main rotor.

If that wasn’t bad enough, the stress of going from 16,200 rpm to zero in 3/16th of a second stripped the main 2-inch chrome molybdenum 45-spline drive shaft. This trauma sent shrapnel and debris throughout the mechanism, causing instant shutdown.

Chris Matthews of MSNBC immediately reported that “Due to unprecedented efforts and skillful governance, President Obama and the Democratic Party have cut spending dramatically, stopped the growth of debt, and a balanced budget is sure to follow.”

In the real world, have you ever visited the website www.usdebtclock.org? Take a stiff drink (you will need it) and surf to that website. With our national debt at $16.2 trillion, each taxpayer owes more than $141,000 and climbing. That’s today, not next week or next month, and it’s only principal, not interest.

At the federal level, we are spending $3.7 trillion per year, and that’s $1.3 trillion more than we are taking in; but don’t worry, China is making up the difference.

States and local levels of government are spending slightly less than $3 trillion per year, additionally. Only God knows their shortfall.

Therefore, total federal, state and local spending is at $6.4 trillion, or almost 42 percent of our Gross Domestic Product, which is the total of all good and services bought and sold in the USA each year. I believe most countries in the European Economic Union have a lower ratio.

Text Only
Big Chuck D'Imperio
Cary Brunswick

Chuck Pinkey
Guest Column

Lisa Miller

Mark Simonson

Rick Brockway

Sam Pollak
William Masters
  • Schreibman tops Chris Gibson on women's issues

    As the time to vote draws near, we need to remember how money can run politics more than we can. Raising funds is a prominent (if not the dominant) task of getting elected. Raising issues is also crucial, but those efforts are subject to distortion and fear-mongering.

    September 18, 2012

  • Republicans feelentitled to allthey can garner

    An entitlement is a legal benefit available from the government to individuals who are within a defined category of recipients, such as needing insurance for unemployment or health services.

    September 4, 2012

  • Romney focuses on self; Obama emphasizes unity

    Mitt Romney criticizes President Obama for saying a person's success is rooted in his community, and is not all his alone. Romney belittles this with his belief in individual initiative. He is better at the put-down than the push-up.

    August 21, 2012

  • Romney shows little regard for common man

    The Republicans in Congress have voted over and over, 33 times, redundantly and uselessly, to rescind what they call Obamacare.

    August 7, 2012

  • Scouts' gay ban creates problem where none exists

    The Boy Scouts of America's "emphatic reaffirmation" of its vow to exclude any and all homosexuals from its hallowed ranks is ill-considered and pathetic, especially in view of its having reviewed the matter for two years.

    July 24, 2012

Additional Content
Join the Debate
Helium
Additional Resources
CNHI News Service
Poll

Is Israel justified to conduct its military campaign against the Hamas in Gaza?

Yes
No
Undecided/no opinion
     View Results