One trillion (just ONE) is $1 per second for 32,000 years.
Should we examing the nation’s P&L statements?
Consolidated Statement Federal, State and Local Government
Assets:
Present Value of current US tax system: $3.74 trillion/4% = $93.5 trillion
Government Land and Structures: $10 trillion
Private Sector Financial Assets: $3.6 trillion
Social Security Trust Fund: $2.5 trillion
Market Value of Federal Reserve System: $45 billion(’09 profit)/.04= $1.1 trillion
US Military’s overseas bases, military hardware equipment, and Federal patents: $5 trillion
Total US Government Assets: $115.7 trillion
Liabilities:
Current Federal, State, and Local obligations: $11.9 trillion
Social Security Trust Fund: $2.5 trillion
Total Liabilities: $14.4 trillion
Net worth: $101.3 trillion
Liabilities/Total Assets = 12.4%
The government can of course increase taxes at will to boost its tax revenues and assets...
Other liabilities including medicare , medicaid etc it has no Constitutional obligation to pay, and the government makes its own law so they have no legal obligation either. As such they would not appear on any corporate balance sheet, and in all likelihood will never be paid..
Off balance sheet assets: US Private Sector Assets, non-government assets available for taxation: $67.8 trillion...
I’ve seen/heard estimates, including unfunded liabilities, of anywhere from $50 trillion up to $200 trillion, depending on what it includes and the variables used to calculate it. My view is, whether it’s $50 or $200 trillion really isn’t the point. The point is our government has spent this nation into bankruptcy, and all that’s left for it to come to a head is a catalyst event that causes a tipping point in loss of confidence in the fiat dollar’s real value. When that happens, there will be much wailing and gnashing of teeth as we dive into a hyperinflationary collapse. The time to prepare for it is now, not later.
I believe we owe more money than exists in the world. In short, we’re broke.
I believe we owe more money than exists in the world. In short, we’re broke.
No one knows the extent of US government indebtedness because the taxpayers are on the hook for Fannie and Freddie, and no one knows the extent of their liabilities.
Unfunded liabilities are not the same as debt.
Compound interest accrues on debt; but not on unfunded liabilities. When interest payments can no longer be met; you’ve past the point of no return.
Governments have many ways to shed the liability for unfunded liabilities. So long as they avoid shafting too many people with guns, they can do so with impunity.
I’m not suggesting that unfunded liabilities aren’t a serious issue — just that it’s important to clearly define problems, if you actually want to solve them.
The only upside is that almost all of this is owed to ourselves.
Those items are not "debt" as I would categorize them. I realize it's a tall order for anyone to expect the U.S. government to scale these programs back, but calling these obligations "debt" is like telling young parents that it will cost $350,000 per year to send their child to college in 18 years.
The parents simply say: "If college costs that much, then we ain't buying it."
We must have money somewhere because I just read another article about us sending even MORE money to Pakistan for the weather cleanup. The Pakistani people don’t want their taxes increased and figured that the U.S. will come up with the money if they want use to continue their help with the war....can you believe that????? I would love the U.S. to say FU!!!