$24.5 Trillion In US National Debt, $144 Trillion In Unfunded Liabilities In... 2015

Zero Hedge ^ | December 20, 2010 | Tyler Durden

[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:

• Federal spending will be $3.3 trillion per year, and with federal revenue of $2.3 trillion (this number will be reduced as it also assumes $731 billion in payroll tax, a number which will likely be indefinitely reduced) the result is a budget deficit of $983.7 billion.
• Annual Medicare/Medicaid expenses will be just over $1 trillion
• US population: 326.8 million
• US workforce 131.3 million (and declining)
• Officially unemployed: 19.4 million
• Actual unemployed: 22.3 million
• State/Federal employees: 17.9 million
• People on SSN and other retirees: 72.6 million

And the most critical data:

• Food stamp recipients: 89.7 million
• Foreclosures: 2 million
• Social Security Liability: $19 trillion
• Medicare Liability: $99 trillion
• Total US Unfunded Liabilities: $144 trillion
• Gross Debt to GDP: 143%

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.

[Zakeet]

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.

[Sprite518]

Yeah and no on in Washington DC gives a rat a$$. There actions speak louder than their words.

[Sprite518]

Watch this about our debt,

http://www.stansberryresearch.com/pro/1011PSIENDVD/PPSILC42/PR

[Ciexyz]

If my govt isn't concerned, I won't be either. Have another Christmas cookie.

[Jack Hydrazine]

Is this a geometric progression or a exponential one?

[Sprite518]

Gee I feel much better now.... Thanks for the cookie. LOL

[maddog55]

Shxt Happens... unless there's a massive change in the way we do business we're headed for that Roman Empire downfall.. But here's a little humor !

[peeps36]

They’re too busy destroying our military and sucking up to illegal aliens.

[WOBBLY BOB]

[PMAS]

*

[thouworm]

Duration of Shopping Sprees
While Spending $20 per Second

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

[April Lexington]

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.

But, alas... Nothing to make us march on Washington, storm the Capitol and shut it all down...

[SpaceBar]

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.

[Toddsterpatriot]

total US Unfunded Liabilities are estimated at $144 trillion, roughly $1.2 million per taxpayer...

How much are total US Unfunded Assets?

[Nachum]

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/

[Para-Ord.45]

bm

[blasater1960]

But...but...but what about DADT?...DREAM act..???/sarc

[blam]

"Watch this about our debt,"

"http://www.stansberryresearch.com/pro/1011PSIENDVD/PPSILC42/PR"

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!!

[Sprite518]

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?

[blam]

"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?"

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..."