US debt at $211 trillion

"The United States has accumulated over $70 trillion in unreported debt, an amount nearly six times the declared figure, according to a new study by University of California-San Diego Economics Professor James Hamilton.

The unique aspect of Hamilton’s study is that he examines federal debt that has not been publicly released, specifically the federal government’s support for “housing, other loan guarantees, deposit insurance, actions taken by the Federal Reserve, and government trust funds.”

The real shocker in the report, however, came with the cost of Medicare and Social Security, which ran at $27.6 trillion and $26.5 trillion respectively.

The US debt burden is much greater says Boston University economics professor Laurence J. Kotlikoff, who served on President Ronald Reagan’s Council of Economic Advisers.

"If you add up all the promises that have been made for spending obligations, including defense expenditures, and you subtract all the taxes that we expect to collect, the difference is $211 trillion. That's the fiscal gap," Kotlikoff said in an interview with National Public Radio. "That's our true indebtedness."

http://rt.com/usa/us-debt-study-hamilton-economy-103/


That is some debt!

lmao @ people still counting, like any of that is getting paid off.

I'm just worried that we hit some tipping point and suddenly we are like Greece. One day you wake up and gas has gone from $3.50 a gallon to $21.50. The next day from $21.50 to $58.75.
The almighty Dollar pops and our economy is in the shitter like Greece or Spain's.

You guys have helicopter Bernanke and the Federal Reserve.

Everything is fine.

If the debt includes all future promises, then it's unlimited. Securing the blessings of liberty for ourselves and our posterity is a blank check, even if strictly construed. That said, future tax revenue is similarly unlimited.

Ha Ha..go to war again Phone Post 3.0

No biggy, "trillion" is just a word. Phone Post 3.0

Yeah but did you guys see the lohan interview on oprah? Or someone happened to get caught using the word nigger on camera?????????

hey hey!! obama is coming to marthas vineyard!

ken amtrack - Ha Ha..go to war again Phone Post 3.0
How in the fuck is going to war going to help? Iraq and Afghanistan has cost is trillions of dollars. Phone Post 3.0

How much, if anything, does the US pay back directly to that sum each year?

Cant wait for the new CoD!!!


Go Dolphins!

The problem right now is that the government is spending too little and/or taxing too much given current savings demand. As a result too few dollars are being spent resulting in low demand and unemployment. National debt is not an issue under a fiat currency system. Phone Post 3.0

419 - If the debt includes all future promises, then it's unlimited. Securing the blessings of liberty for ourselves and our posterity is a blank check, even if strictly construed. That said, future tax revenue is similarly unlimited.


I agree

unclephilly - I'm just worried that we hit some tipping point and suddenly we are like Greece. One day you wake up and gas has gone from $3.50 a gallon to $21.50. The next day from $21.50 to $58.75.
The almighty Dollar pops and our economy is in the shitter like Greece or Spain's.
The US cannot become Greece as long as our debt is denominated in US dollars. Greece is more like a US state in that they are dependent on taxes to pay their Euro denominated debt. Phone Post 3.0

TexDeuce -
ken amtrack - Ha Ha..go to war again Phone Post 3.0
How in the fuck is going to war going to help? Iraq and Afghanistan has cost is trillions of dollars. Phone Post 3.0

Ya dont say. Phone Post

Isn't that our debt obligation if every loan the US made to banking and housing institutions were to go bad, and if we made no changes to SS and Medicare? These are very, very worst case estimates, I believe.

its ok Obama is gonna change everything

fedoramillionankless - Just go to war, much cheaper than paying debts. Phone Post

Lol
In all seriousness I've been saying this for the last 6 months now. Its really sad but you watch. It will happen. Most likely middle east again because oil is an easy mover. And every war always has bonus sales like getting rid of old tech to allied countries and US companies rebuilding / security contracts etc....

but the big difference this time for s going to be that the power shift will go from west to east.
The US will still get support by the UK and Australia and maybe Germany. But probably not France and most likely most of the EU and Asia won't jump in.

This means its kinda like a new cold war over 'money' except east owns the west debt, and the west are kinda not paying it back but the east are not exactly going to war to collect it because it would only hurt everyone and no one would win... I hope all that dribble makes sense? Phone Post

Op seems like a stacker to me. Don't worry bud, gold and silver might bounce eventually, maybe. Phone Post 3.0