Depends on the definition of ‘I$’..........
posted on 02/25/2013 6:35:52 AM PST
by Red Badger
(Lincoln freed the slaves. Obama just got them ALL back......................)
Sad, isn’t it, that I now guffaw when I hear “backed by the full faith and credit of the United States”.
As Gertrude Stein might say, “There is no “there” there”.
posted on 02/25/2013 6:46:59 AM PST
(Pray for America)
The true national debt could be triple the conventional estimate, anywhere from $11 trillion to $31 trillion by my reckoning...
The usual drivel from the compost trying to minimize a disaster by saying "could be triple" and giving triple numbers when it should be saying "IS TENFOLD!" and giving numbers ten times the size.
Omitted here is mention of SS, mediscare and mediscaid, with additional unfunded liabilities reaching to upwards of $100 Trillions.
posted on 02/25/2013 6:50:42 AM PST
(When people fear government there is tyranny; when government fears people there is liberty)
In true Libtard fashion, Samuelson's estimate of government solvency omits:
- Unfunded future government obligations (e.g. Social Security, Medicare, Medicaid, Veterans Benefits, Civil Service Pensions, Retired Military Pensions, etc.) -- usually not included because Congress "can always end the program" -- estimated by the GAO to be over $60 trillion using GAAP accounting -- estimated by others to be in the range of $100-150 trillion using more realistic premises (e.g. the economy and tax receipts aren't going to grow by 8 percent p.a. over the next 50 years).
- Fed held Treasury obligations -- somewhere in the neighborhood of 2.5-3.5 trillion -- and increasing rapidly.
- Other Fed bank bailouts -- somewhere north of 20 trillion according to last year's testimony by the Great Bernack to Ron Paul's house committee.
- Unfunded state and local obligations -- shouldn't forget them -- somewhere in the neighborhood of 20-50 trillion.
- "Obligations" to foreign banks and governments incurred by the Fed and/or Bank of International Settlements and/or International Monetary Fund -- somewhere north of 30-50 trillion.
- Shadow banking guarantees -- the largest being derivatives -- somewhere in excess of 1.3 quadrillion (that's 1,300 trillion for those who haven't yet caught on to the magnitude of big numbers used in high finance these days) -- not really due unless you want to cause a systemic failure and crash the economy by not bailing out the big banks.
You don't need to worry though. Professor Paul Krugman, the Nobel Prize winner and New York Times columnist, a devoted Keynesian economist, maintains from his ivory tower that we can recover fully with still more government spending. The Bernack himself said that he is 100 percent sure that inflation can be contained. And we still have about 8,000 tons of gold in the vault ... somewhere ... probably!
posted on 02/25/2013 6:59:27 AM PST
(Democracy is the art and science of running the circus from the monkey cage - Mencken)
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