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To: iowamark

Debt at 74% of GDP? Where does he get that figure?

Every figure I see indicates that the USA’s present $16.4 Trillion in direct liabilities (not including Soc. Sec.) is 103% of GDP.


2 posted on 01/03/2013 1:01:28 PM PST by PGR88
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To: PGR88

He’s not counting the “Social Security Trust Fund”.


5 posted on 01/03/2013 1:09:02 PM PST by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: PGR88
Debt at 74% of GDP? Where does he get that figure?

I think they are talking about the portion of our federal debt owed to non-government holders. Some of the 16.4 trillion debt is between agencies, (the 2.5 trillion stolen from Social Security is part of that). Though the numbers are old this link shows the difference between "Public Debt" and interagency debt.

Federal Debt basics
7 posted on 01/03/2013 1:22:29 PM PST by microgood
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To: PGR88
Re: “Where does he get that figure?”

That's David Brooks - alleged Conservative - playing a completely bogus accounting trick.

Brooks pointedly says “Public Debt.”

He doesn't count “Intra-Agency” debt.

That's when various agencies of the Federal Government - like HHS - “borrow” money from the U.S. Treasury or other Federal agencies.

In theory, this is money that the Federal Government “borrows” from itself.

The problem?

The borrowed money has been SPENT, and HHS, and all the other agencies, have no source of income except the U.S. Treasury.

9 posted on 01/03/2013 1:29:55 PM PST by zeestephen
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