US is Bankrupt: $89.5 Tril. in US Liabilities vs. $82 Tril. in Household Net Worth & Gap is Growing.

Biderman's Money Blog ^ | 08/04/2014 | Chris Hamilton

[SeekAndFind]

There are many ways to look at the United States government debt, obligations, and assets. Liabilities include Treasury debt held by the public or more broadly total Treasury debt outstanding. There’s unfunded liabilities like Medicare and Social Security. And then the assets of all the real estate, all the equities, all the bonds, all the deposits…all at today’s valuations. But let’s cut straight to the bottom line and add it all up…$89.5 trillion in liabilities and $82 trillion in assets. There. It’s not a secret anymore…and although these are all government numbers, for some strange reason the government never adds them all together or explains them…but we will.

The $89.5 trillion in liabilities include:

• $20.69 trillion
  • $12.65 trillion public Treasury debt (interest rate sensitive bonds sold to finance government spending)
    • Fyi – $5.35 trillion of “intra-governmental” Treasury debt are not included as they are considered an asset of the particular programs (SS, etc.) and simultaneously a liability of the Treasury
• $6.54 trillion civilian and Military Pensions and Benefits payable
• $1.5 trillion in “other” liabilities http://www.fms.treas.gov/finrep13/note_finstmts/fr_notes_fin_stmts_note13.html.
• $69 trillion (present value terms what should be saved now to make up the present and future anticipated tax shortfalls vs. present and future payouts).
  • $3.7 trillion SMI (Supplemental Medical Insurance)
  • $39.5 trillion Medicare or HI (Hospital Insurance) Part B / D
  • $25.8 trillion Social Security or OASDI (Old Age Survivors Disability Insurance)
    • Fyi – $5+ trillion of additional unfunded state liabilities not included.

Source: 2013 OASDI and Medicare Trustees’ Reports. (pg. 183), http://www.gao.gov/assets/670/661234.p

[old curmudgeon]

obumbler will take care of it from his “stash”.

No worry.

[fhayek]

ping

[boycott]

Absolutely. Clearly we’re bankrupt. And it was politicians in Washington DC that did this. They’re the ones that ran up this debt.

They gave our money to worthless people and worthless nations that do nothing but hate us.

It’s all going to come crashing down and when it does, it will crash hard.

[tcrlaf]

30 years ago, when I was a bright-eyed young idealist, America was talking about what we were going to build on the moon, and how we were going to put a man on Mars in our lifetimes. “That shining city on the hill” kinda stuff.

Today, we talk about how much longer we can keep printing Obamabucks backed by Chinese debt, to keep the Gimme-Dat’s voting Democrat, and the EBT Cards working so they don’t riot.

Sadly, my daughter would not even know what the “Shining city” stuff means, if I hadn’t taught her.

[OneWingedShark]

CWII Spark — One way to lose the confidence of the people is to be an absolutely terrible steward of resources put into your care.

[TexasFreeper2009]

what's worse, is that our government GAVE them our TECHNOLOGY! much of which was paid for with US taxpayer dollars!

[stevio]

I thought everyone’s 401Ks could cover the debt? That’s why the government is spending like this.

[Dallas59]

Just tax the rich and put them jail afterwards!

[Jack Hydrazine]

Ummmm...it’s a lot higher than that. I’ve read it is in the ballpark of $250 trillion.

[Nifster]

We are Venezuela

[4Liberty]

If we just print money won't that work?

[The Duke]

...complete with our very own version of Hugo Chavez.

[Toddsterpatriot]

There are many ways to look at the United States government debt, obligations, and assets. Liabilities include Treasury debt held by the public or more broadly total Treasury debt outstanding. There’s unfunded liabilities like Medicare and Social Security. And then the assets of all the real estate, all the equities, all the bonds, all the deposits…all at today’s valuations. But let’s cut straight to the bottom line and add it all up…$89.5 trillion in liabilities and $82 trillion in assets.

Liabilities where the government is paying for the Social Security and health-care of the public are assets to the public.

Single entry accounting makes me sad.

[VRWC For Truth]

Invest in guillotines.

[Chode]

we can't be broke... the presses are still rolling!

[ArcadeQuarters]

This will be easy to pay when $1,000 isn’t worth enough to buy a loaf of bread. No problem.

[tbw2]

I’ve heard theories that the fed is doing this now by unchaining or otherwise altering the CPI.
Using CPI as the metric, they don’t have to increase Social Security or pension payments despite prices of real goods like food going up 10-20% in a short span. Real deflation of the liabilities without officially doing so.

[Nifster]

Too true

[Nifster]

They were best buds with a bromance going on