Posted on 04/11/2011 5:55:48 AM PDT by Robert Drobot
As the Obama administration prepares to finance a Fiscal Year 2011 budget deficit expected to top $1.6 trillion, the American public is largely unaware that the true negative net worth of the federal government reached $76.3 trillion last year.
That figure was five times the 2010 gross domestic product of the United States and exceeded the estimated gross domestic product for the world by approximately $14.4 trillion.
(Excerpt) Read more at wnd.com ...
Don’t worry. They are working on a plan that will save millions of dollars!
And unfunded liabilities in the not-so-distant future between $130 trillion and $200 trillion!
Our debt is now going on an asymptotic climb and is beyond the point of no return! Enjoy the ride, kiddies! Wheeee!!!!!!!!!
just wait until hyperinflation starts to hit. We’ll be exchanging trillions of dollars in debt for quadrillions.
Perhaps we are not so different. The federal government holds the states hostage within a bankrupt system. If a state could abandon the US dollar, they might have more success in fixing their problems.
I support secession. Hey, it couldn't hurt.
An unfunded liability is different than a debt.
I seriously doubt any of the states would have joined the union if they thought they couldn’t get out at some point in the future if the Feds got too overbearing. I could very easily see the USA being split into separate countries given the financial mess we’re in. The South will rise again!
Japan, after this recent catastrophe, might be unable to buy the politician’s debt. It was never sustainable.
In 20 years time, the world will be unrecognizable.
True. Most of the people who hold US debt can’t vote in US elections. But those to whom unfunded liabilities are owed can and will vote.
Mad Max is no way to live.
Most US debt is held in America by Americans.
The states that are the most likely to secede are also the poorest states and the ones that receive the most federal assistance.
I don’t think a secession would turn out as well for states as you think...
Yes, but when you have to choose between eating and living in a failed nation state, I’ll choose eating. We may not have much manufacturing, but we have agriculture. Making things to sell isn’t so glamorous on an empty stomach.
“That’s what you get for shipping all your jobs and manufacturing to Marxist China and India and then trying to buy back all you can on credit cards while sitting on the couch watching football and playing Nintendo. Allowing the Marxists, Darwinians and genocidal abortionists to take over your homes and schools, and allowing the globalist UN/IMF/OECD agenda to now be furthered by false conservative leaders.”
Never mind the NWO FED voted in by Demonrats in 1913, AGAINST THE CONSTITUTION. They have held sway for 98 years.
It IS time to end the FASCIST FED.
Japan is hurting and won’t be buying as many USTreasuries.
The Fascist FED will have to monetize the debt even more.
And with Commie Soros out there telling us to have MORE debt, when we are already at unsustainable levels is just evil.
Being bankrupt as an entire nation won’t be too great either.
No good choices have been left to us.
This is very different from a corporation. A corporation has a legal obligation to meet its promised pension payouts, which it can only break by declaring bankruptcy. Hence the present value of those payouts is counted as a liability, just like that of any other debt.
The good news is that Social Security and Medicare are not actually liabilities. Congress can refuse to make the payouts, or (more likely) modify them as Paul Ryan is proposing, and it will have no negative impact on the nation's credit. If anything, gradually reducing the payouts over time will improve our credit.
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