It's not coming because it destroys their case. The doomer at that grandfather report understands which is why he never mentions assets. He (and RSmithOpt) don't understand the difference between an unfunded liability and debt. I don't think either has ever heard of 'cascading' and how it inflates debt.
They would both probably be shocked to learn that our household net worth hit another all time high last quarter and has more than doubled since NAFTA passed. Our net worth is increasing almost six times faster than our national debt. Some folks want to believe this is a bad thing. Go figure.
That's where I've seen the smoke and mirrors from many who gather and massage numbers, and that's what has me perplexed as to the data in a lot of posts and places.
IMHO, from what I've seen, we're heading into the down side of the next economic cycle and we've had that before, but never with oil, energy, and food costs jumping in 2 years like this based upon a percentage.
I do understand that purchasing a house represents debt assuming it will appreciate in value. Autos, though taxed as real property and still loses value, is a lot of times considered 'debt', but, more like unfunded liability (LOL!) Credit card balances are like debt, right?.
Aren't unfunded liabilities considered payouts to the by the government to recipients for like Social Security, Medicare, and Retirements? Employers have the same obligations too to their retirees (well at least in the past). T-bills, bonds, the government issues is pure debt, right??
It's been my understanding that the Treasury Department (central bank) keeps issuing the t-bills for China, Great Britain, Saudi, Japland, etc., to purchase so we can keep the pork spending going, pay for the unfunded liabilities, and fight the WOT? Miss anything? Didn't we officially (the US government) run out of it's budgeted money last month?
Interesting.....write a check, post date it before it can be cashed and hope like he$$ the money comes in from somewhere.
What's the percent GDP, right now, better yet, percent annual budget, the US has to pay or its notes coming due?