Posted on 05/27/2009 10:26:46 AM PDT by TenthAmendmentChampion
Currently, the US federal debt stands at more than $100 trillion. According to the recent US stock market rally, the fact that the US government is not only bankrupt but has put every four-person family in America on the hook for more than $1.45 million does not merit concern. ...
Despite the recent stock market rally, the fundamentals of the US economy are downright scary. According to the figures released by the US government, as of May 25, 2009, the US federal debt stood at $11.3 trillion, about $37,000 for every man, woman and child in the US (we’ll get to the real federal debt figure soon). To accommodate this growing debt, the US government merely raises its debt ceiling every so often to avoid default in the US Treasury market. Currently this debt ceiling stands at $12.104 trillion.
(Excerpt) Read more at seekingalpha.com ...
Including illegals, your share goes down from $37,000 to $30,000.
future entitlements and stuff
According to the national debt clock we are at 11.3 trillion but that makes no sense since we were at 10 trillion in October of 08.
He is probably including future obligations, which I don’t think should be done or it should be stated as such. We can read the future but we know much of this simply cannot happen. We will collapse way before we ever hit $100 trillion.
We can’t read the future, that is.
Debts are current obligations. We do not have $100T in current obligations.
“...put every four-person family in America on the hook for more than $1.45 million does not merit concern....”
Wow - good thing Dad works for the Union!
Too bad I won’t be around to help pay it off.
“There is no other solution to this problem, other than to attempt to inflate the $110 trillion deficit away.”
Bingo. Consider that inflation is a way for the government to take your money without passing a new tax or law.
Inflation is the perfect way to redistribute wealth. I’m sure 0bama will manage to look surprised and concerned at the press conference.
In the meantime, gold is looking good.
the medicare obligations will be “defaulted” on. Baby boomers will get bare-bones medical care when Medicare is merged with the single-payer plan.
What would be the Credit Score for the U.S. if it was applying for a home loan?
the flaw in the accounting is that if the Medicare obligations are a liability ... then they are an asset to the future recipients.
In reality, the value of the “asset” is much less than the present calculation. Therefore, the liability is less. Bottom line: baby boomers are not as wealthy as they assume.
500?
There are many, unpalatable solutions to this problem. Unfortunately, the sooner we take our bitter medicine, the less we will have to take. I can see the future where only poor people are able to collect SS, and the age of retirement being indexed to the life expectancy ages. There are other things that can be done, which as above, are not very appealing, but at this point are necessary. We need to make our politicians deal with this future crisis, or it will be unmanageable in the future.
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