Skip to comments.$24.5 Trillion In US National Debt, $144 Trillion In Unfunded Liabilities In... 2015
Posted on 12/20/2010 10:40:54 AM PST by Zakeet
By now everyone has seen and played with the US debt clock via usdebtclock.org whereby anyone who so wishes, can find every little detail about America's current sad fiscal state. The fact that America currently has just under $14 trilllion in national debt should be no surprise to anyone who professes to having an even modest interest in the state of the US economy. Yet a new feature on the "debt clock", namely one which extrapolates future debt at current rates of advancement (instead of one based on the always completely inaccurate CBO estimates), and looks at US debt in the year 2015 will probably make many stop dead in the their tracks. If anyone thought that $14 trillion in 2010 debt is bad, just wait until we hit $24.5 trillion in total US national debt in 2015. And it gets even more surreal: total US Unfunded Liabilities are estimated at $144 trillion, roughly $1.2 million per taxpayer... Was that a pin dropping?
As Zero Hedge has long been predicting, we anticipate roughly $2 trillion in incremental debt per year. Surprisingly we are not far too off from where the "debt clock" sees US leverage in 5 years. At an estimated $24.5 trillion in federal debt, our $2 trillion per year run rate is spot on. Another thing that is spot on: our prediction that the US will need not one but two debt ceiling increases in 2011. And probably 6-8 over the next 5 years.
Some other observations for the US economy in 2015 simply assuming current conditions persist:
And the most critical data:
Should one of the bolded predictions hit, the travails of Greek and Irish bondholders will be nothing compared to what those unlucky enough to be in possession of US debt in 2015 will have to go through.
Be careful when you click the above link ... the spinning numbers will make you dizzy, the totals will make you puke, and the conclusions will make you bawl.
Yeah and no on in Washington DC gives a rat a$$. There actions speak louder than their words.
Watch this about our debt,
Is this a geometric progression or a exponential one?
Gee I feel much better now.... Thanks for the cookie. LOL
They’re too busy destroying our military and sucking up to illegal aliens.
Starting Amount (Dollars) --- Duration of Shopping Spree
1 --- 1 second
100 --- 5 seconds
1,000 --- 50 seconds
10,000 --- 8 minutes 20 seconds
100,000 --- 1 hour 23 minutes
1,000,000 --- 13 hours 48 minutes
10,000,000 --- 138 hours (5 days 19 hours)
100,000,000 --- 57 days 21 hours
1,000,000,000 --- 578 days (1 year 214 days)
1,000,000,000,000 --- 1,585 years
100,000,000,000,000--- 1,585 centuries
ONE HUNDRED TRILLION: 100,000,000,000,000--- 1,585 centuries
But, alas... Nothing to make us march on Washington, storm the Capitol and shut it all down...
I believe we’ve long passed the event horizon where the entire earning potential of every able bodied American (read theft potential of the govt.) couldn’t pay down just the interest on the debt. There are dark times ahead.
How much are total US Unfunded Assets?
The list, ping
Let me know if you would like to be on or off the ping list
But...but...but what about DADT?...DREAM act..???/sarc
This is Bull sh*t.
I quit watching after the guy babbles on for an hour, yes an hour. I quit before he even got to the video. He keeps saying, "But first, let me tell you...."
DON"T WASTE YOUR TIME!!
Okay thanks for your input. How long (in length of time) do you believe it should take to explain the current economic conditions,why and what to do. 5 minutes, 10 minutes, 15 minutes?
So you think the US dollar is safe, the federal government is all of sudden going to exercise fiscal responsibility, and we will not collapse?
10-15 minute max. Everything he explained is already known by me and probably most informed FReepers. I knew I'd been suckered when he began to explain to me how suprised the Jews were when the Holocaust began....come on!!
That's when (after about an hour) that I got real pissed and quit watching.
I don't dispute anything he said though...
I would have liked to have heard his recommendations but I couldn't wait through another, "But first let me..."
I agree. There's no peacful way back from here.
“# US population: 326.8 million
# US workforce 131.3 million (and declining) “
Are you f’ing kidding me?!?!
What the hell are these pigs doing with there time?!
Is ObamaCare included in the 144 trillion?
Well from that point it’s about another 20 minutes or so. This is just his opinion, but I think he is correct.
It hurts me to see what is happening. Naturally I want the best, but I think it’s time to prepare for the worst. To be frank I don’t even want to look at the news anymore. The news just get worst everyday! It’s almost as if the election did not happen. At any rate, I’ll keep looking because I have to stay informed. However, I think keep it limited. After all I want to enjoy my life.
Not to worry, once we have elected Her Grizzliness all these problems will instantly disappear.
Good point. We may have to sell our public lands and other US holdings to the debtors at some point.
Well, we could always sell our public lands to the Chinese!
Well, she’s the only one right now to offer any common sense solutions to this mess — such as utilizing our own natural resources to produce our own energy, to rely on ourselves, our famlies and not the government for everything, to get government the h%ll out of the way and let the free markets actually function like they should ...
What other brilliant suggestions do you have to offer at this point??
Those are assets, not unfunded assets.
If Unfunded Liabilities are $144 trillion, Unfunded Assets are $144 trillion.
That's some pretty slick accounting type stuff there, Scooter.
How'd you come up with that figure where something can be an asset and a liability at the very same time. When did GAAP allow that?
What is an “unfunded” asset? Thanks.
I forget, what is the market price of two barrells of pixie dust and 5 unicorns?
That which can not be paid back, won't.
The Federal Reserve can be considered to have created unfunded assets by buying treasuries and holding the same on its balance sheet.
The other side of the balance sheet from the unfunded liability.
I promise to pay my wife $1 billion in 10 years. I can't afford that, I'm doomed. On the bright side, my wife is going to be a billionaire in 10 years.
Oh. I think I'm going to go out tonight and buy more gold coins. And vodka...
Oh I get it. You work for Congress. That's you can promise to pay the entire world something on the order of 12 or 13 Trillion dollars over the next decade or so and no one takes you into custody for your own protection.
No, I just understand that you have to look at both sides of the equation.
Our promise to pay (the politician's promise) is equal to what the recipients will receive.
But no one wants to face the fact that we are looking at reduced living standards for America even if we do all the right things.
We have tried to make ourselves rich by borrowing for the last forty years, and now the piper's at the door, waiting to be paid.
It's time for a President who promises nothing but what Churchill promised in 1940.
Is Palin the only Pollyanna out there among the candidates? No, but most Freepers seem to think she is different from the rest. To me, she is just another voice telling Americans the soothing things they want to hear.
Unless of course there's no actual money to pay them with.
Yes, the promises will be reduced.
I was thinking tomorrow, maybe some more storable food. LOL.
Water filters, you can never have enough water filters.
Are you f’ing kidding me?!?!
What the hell are these pigs doing with there time?!
uh we have 75+ Million Retirees, and 22 million or so unemployed the rest are under 18, unless were going to child labor the workforce will always be about 1/3 the population in a stage 4 society, as 1/3 of the pop is under 18, 1/3 is of productive age and the rest is over 60 and retired or underemployed in there advanced age. America is in a particular bad spot as we progress to a stage 5 society where our elderly are living longer and start to out number the productive aged. Like japan our population pyramid is getting top heavy as the natural birth is not replacing productive workers faster than people are reaching retirement age and leaving the work force. This is one of the prime drives for immigration to replace the workers not being born here to native citizens our gross birth rate is only 1.2 this is sub replacement levels. The the greatest generation breed in the baby boomers, but gen X is not having enough children to replace their parents leaving the work force the choices are grim, raise retirement age to index it to increased life span, lower SS benefits, and limit medicare payouts, Bring in more workers that actually pay into the system, or run massive debt to keep the ponzi running as long as possible. The other choice is socialize medicine and make life expectancy fall by limiting access to life prolonging procedures and drugs the EU already does this to great success; thus eliminating the top heavy portion of the population, it appears we have chosen to run up debt and socialize medical care, you can bet that indexing the age of retirement comes next and then higher taxes and more documented immigrants. We need H1B's not illegals as the H1B's are typically professionals that make middle to upper middle calls income and pay taxes unlike the illegal aliens who only consume resources last i heard they consumed 70% of the social services funding in Commiefornia and they wonder why they are insolvent.