Skip to comments.California economist says real US debt $70 Trillion
Posted on 08/15/2013 9:22:00 AM PDT by Bigtigermike
The federal government has been low-balling the public for years on how much debt it actually has, a University of California, San Diego economics professor says, adding that the real amount is $70 trillion not $16.9 trillion.
James Hamilton's claim the United States is in a much deeper financial hole than many realize comes as Congress gets ready for another budget battle when lawmakers return in September. Both sides have been digging in on their policy positions over the debt, spending and the country's future fiscal health.
Hamilton believes the government is miscalculating what it owes by leaving out certain unfunded liabilities that include government loan guarantees, deposit insurance, and actions taken by the Federal Reserve as well as the cost of other government trust funds. Factoring in those figures brings the total amount the government owes to a staggering $70 trillion, he says.
(Excerpt) Read more at foxnews.com ...
I guess that would be about $200,000 for every man, woman and child.
A trillion here...a trillion there. Pretty soon you’ll be talking a lot of money. Invest in ink & paper.
And with derivatives estimated at over 4 quadrillion, it’s time to party like there’s no tomorrow!
You only need one card when you don’t have a credit limit.
This will be Zero’s legacy: a ginormous, deadly, depressing debt.
The GOP-e would be smart to concede in 2016 and let the Democrats take most of the blame when the SHTHF, because it’s just a matter of ‘when’ now.
There was someone on on Fox News this morning saying that the debt is north of $100 trillion, and that it could be over $200 trillion when factoring in future liabilities and the likely Federal bailout of states and municipalities who are over their heads (eg Detroit).
Clowns, nothing but clowns.
if we owe $70 trillion to somebody, then somebody must be rich. Until we default, then they are poor.
My check is already in the mail, got to do our part.
Reminds me of an old joke.
Fred was tossing an turning, keeping the wife awake, so she finally demanded to know what was bothering him.
Fred replied, I owe Jim at the bank $50,000.00 and I can't pay him.
Fred's wife picked up the phone and called Jim, Jim she said Fred can't pay you that $50,000.00 he owes you, and hung up the phone.
She turned to Fred and said, now you go to sleep and let Jim worry about it.
Sort of sounds like a plan. :)
At this rate a trillion will be like a billion. Chump change. Now can you say quadrillion?