The Shocking REAL US Debt: $120 Trillion

[AgeOfEnlightenmentSCP]

The true size of the federal debt is NOT $15 trillion dollars-- it is $120 trillion...

www.nypost.com/p/news/opinion/opedcolumnists/trillion_the_shocking_true_size_tOxcrobUBUup9IEW3vQAhJ#ixzz1QUPt40zg

And that was the good news.

The federal government actually has three different types of debt. Debt held by the public, which generated the headlines in the CBO report, is the type of government bonds that you — or the Chinese government — might own. Economists worry a lot about this type of debt because the government has to borrow the money from private credit markets. The government borrowing competes with investment in the nongovernmental sector, leaving less money available for private investment in such things as factories and equipment, research and development, housing, and so on. Growing levels of publicly held debt can drive up interest rates in the long-run, and may already be choking off interbank lending.

[Driftr]

Let's not forget that about 1.6 trillion of that debt held by the public has been purchased by The Fed over the last 18-24 months. Private credit markets? :-)

[BeenThere...DoneThat...]

[AgeOfEnlightenmentSCP]

All the wealth on planet earth combined-- $50 trillion. Let's face it: someone's not getting paid, and you know it's gonna be SS / Medicare / Medicaid recipients.

[BeenThere...DoneThat...]

Jun 27, 2011 11:29:15 GMT -5 AgeOfEnlightenmentSCP said:

All the wealth on planet earth combined-- $50 trillion. Let's face it: someone's not getting paid, and you know it's gonna be SS / Medicare / Medicaid recipients.

...or just the USA, in general... no telling whether some apocalyptic invasion will occur by the haves against the havenots (and we're nots right now) and, at that point, extermination (whether Borg-style or otherwise) may be their only recourse...

[floridayankee]

Jun 27, 2011 11:11:13 GMT -5 AgeOfEnlightenmentSCP said:

The true size of the federal debt is NOT $15 trillion dollars-- it is $120 trillion...

IMHO, the only thing shocking is that it took the NY Post this long to stumble across www.usdebtclock.org/index.html.

[reasonfreedom]

Jun 27, 2011 13:52:29 GMT -5 floridayankee said:

Jun 27, 2011 11:11:13 GMT -5 AgeOfEnlightenmentSCP said:

The true size of the federal debt is NOT $15 trillion dollars-- it is $120 trillion...

IMHO, the only thing shocking is that it took the NY Post this long to stumble across www.usdebtclock.org/index.html.

Yeah, I like that site. It has all kinds of useful information. Like SS and food stamp recepients, just look at the amount of people total on those 2 programs 110 million which is 35% of the total U.S. population or equal to how many tax payers we have. So basically each taxpayer is paying for one person on each of these programs and that doesn't even count welfare or medicare.

[Driftr]

Well, we're really only paying for about 60% or so of those people if you factor in how much new debt held by the public (&Fed) we're offering.

[hello fromWarsaw]

Take a break and some valium, Foxed out people

[Driftr]

Take a nap and get a clue liberals.

Edit: Please note that the term liberal is not meant for anyone on these boards. Only those who are dumb enough to think we can continue to pay for everyone to do anything they'd like with no consequences.

[handyman2]

I posted this on the old board and people said I was nuts. Do they believe it now? Day is quickly coming when all those bonds and credit will be worthless.

[djAdvocate]

Jun 27, 2011 11:11:13 GMT -5 AgeOfEnlightenmentSCP said:

The true size of the federal debt is NOT $15 trillion dollars-- it is $120 trillion...

www.nypost.com/p/news/opinion/opedcolumnists/trillion_the_shocking_true_size_tOxcrobUBUup9IEW3vQAhJ#ixzz1QUPt40zg

And that was the good news.

The federal government actually has three different types of debt. Debt held by the public, which generated the headlines in the CBO report, is the type of government bonds that you — or the Chinese government — might own. Economists worry a lot about this type of debt because the government has to borrow the money from private credit markets. The government borrowing competes with investment in the nongovernmental sector, leaving less money available for private investment in such things as factories and equipment, research and development, housing, and so on. Growing levels of publicly held debt can drive up interest rates in the long-run, and may already be choking off interbank lending.

first of all this is the NY Post, which has about as much journalistic integrity as the tabloids. and please, don't cry "blame the messenger" with me. sometimes even the Post gets it right. but not often.

secondly, there is no way this will ever happen, because we will default before then. so you really have nothing to concern yourself with, here. ;]

[djAdvocate]

Jun 27, 2011 11:29:15 GMT -5 AgeOfEnlightenmentSCP said:

All the wealth on planet earth combined-- $50 trillion. Let's face it: someone's not getting paid, and you know it's gonna be SS / Medicare / Medicaid recipients.

i don't know anything of the kind. SS is a "pay as you go" system. the chances are that it will EITHER be restructured to only pay a portion of benefits, or we will be forced to raise payroll taxes, like Reagan did.

SS is as durable as the USA is, imo.

[formerexpat]

I'm beginning to wonder if I'm FOR a UHC system. Not because it will be better care because it would be a horrible expansion of the worst HMO in the country. But, from a financial standpoint, it would could be a great cost control measure to delay and deny care to the boomers.

No way in hell this is going to be fulfilled. The boomers won't even be the largest voting block in the next 15 years.