Posted on 06/13/2011 8:32:58 AM PDT by george76
When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries...
Much of the public focus is on the nation's public debt, which is $14.3 trillion. But that doesn't include money guaranteed for Medicare, Medicaid and Social Security...
The government also is on the hook for other debts such as the programs related to the bailout of the financial system following the crisis of 2008 and 2009, government figures show.
Taken together, Gross puts the total at "nearly $100 trillion
(Excerpt) Read more at cnbc.com ...
The Federal government has committed High Treason.
And it still is.
Doesn’t matter.
We are still the house....
/s
Personally, I would support a politician who seems focused on picking up the pieces and re-building our society from the ground up. The politicians who seem focused on "fixing" things and "slowing the decline" seem to me to be missing the big picture. It's already too late.
Yep...this is all intentional.
If you add in future liabilities, you have to add in future tax income. To do otherwise would be like looking at all your potential bills for food, and not counting your expectation that you would be able to work to pay them.
Of course Congress could change the SS/medicare/medicaid liability tomorrow, by legislation, and darned well should.
They could also change the tax rates tomorrow, and shouldn’t raise them.
Greece is small enough to be bailed out. We aren’t.
Nearly half of US households escape fed income tax
http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0&.v=1
The VAT is going to take care of all this.
It worked so well for Greece!
$100 trillion total liabilities
= $320,000 per person (including illegals)
= $32,000 per person per year for 10 years
9.1% unemployment (does not include under-employment)
==> 115 months to get to 5% unemployment (adding 54,000 jobs per month - last month's number)
==> 25 months to get to 5% unemployment (adding 250,000 jobs per month)
Note: these figures do not account for those becoming eligible for employment)
Bottom line: regardless of what the president tells us, our debt is unsustainable and the recession is here for awhile!
In the long run, Greece will not be bailed out. The EU is throwing money down a rat hole. Greece’s only viable alternative is to default and get out from under the Euro and go back to its own currency.
Folks, if you blur on the “trillion” magnitude, keep in mind that the $100T obligation is $1,200,000 for every family of 4 Americans.
Your family owns that debt, on top of your own, and that of your state and municipality.
Default or the inflationary equivalent is inevitable.
If you add in future liabilities, you have to add in future tax income.
The US has...
Helen of Thomas!
Here is the article. How can fightthesmears/mediamatters deny it?
Yes. Mr. Gross is right. Here are some other interesting numbers. See the USA at the bottom, with the largest negative balance (2010 est., worse by now).
CIA World Factbook
Country Comparison: Current Account Balance
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2187rank.html
From that report:
180 Greece $ -17,100,000,000 2010 est.
191 United States $ -561,000,000,000 2010 est.
Greece’s real problems isn’t its debt load,it is why it is in such debt in the first place.It is a stagnant,violent society that just cannot survive the way it is right now.
Structurally the US is in a much better shape to eventually work things out.Morally speaking,Greece is about as bankrupt as you could possibly get.
A socialist government that envisages its people becoming self-sufficient and still providing the capital for State employees to live well,while surviving on less then nothing,is just trying for a repeat of North Korea.
It will continue to breakdown and shatter.
Greece’s real problems isn’t its debt load,it is why it is in such debt in the first place.It is a stagnant,violent society that just cannot survive the way it is right now.
Structurally the US is in a much better shape to eventually work things out.Morally speaking,Greece is about as bankrupt as you could possibly get.
A socialist government that envisages its people becoming self-sufficient and still providing the capital for State employees to live well,while surviving on less then nothing,is just trying for a repeat of North Korea.
It will continue to breakdown and shatter.
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