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$17 Trillion U.S. National Debt? Try $211 Trillion!
Zero Hedge ^
| September 23, 2013
Posted on 09/23/2013 12:17:25 PM PDT by Zakeet
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To: CodeToad
I understand all that, but over what TIME PERIOD? SS is not due to close out so how can anyone claim a total value for it since it is perpetual? The estimates that I have seen assume an arbitrary cutoff - say, at 2050. That said, it doesn't much matter what they do since the future value beyond about 30 years is so small and the total liability is so absurdly large.
21
posted on
09/23/2013 5:23:44 PM PDT
by
Zakeet
(Democrats haven't destroyed your freedoms ... you can still visit them at the Smithsonian)
To: St_Thomas_Aquinas
I prefer default to hyper-inflation. Inflation / hyperinflation is a form of default.
Debt repudiation (the technical term for debt default) almost always leads to hyperinflation. Reinhart and Rogoff argue that external debt repudiation (to foreigners only) causes chronic (banana republic) hyperinflation while internal debt repudiation (to citizens as well) causes acute (Weimar Republic or Zimbabwe) hyperinflation. Either way, the outcome is tragic.
This will mean the end of SS. Families will survive in multi-generational homes. The clan will be the means of survival, and the best defense against the government.
Governments typically collapse in these circumstances, and the clan becomes the best defense against total anarchy. Therefore, in a broad sense, you are right.
22
posted on
09/23/2013 5:39:08 PM PDT
by
Zakeet
(Democrats haven't destroyed your freedoms ... you can still visit them at the Smithsonian)
To: Zakeet
The one future budget number I find reasonable, and scary, is the expected federal income at current tax rates versus the future estimated expenses. Those numbers are all over the place but they suggest we won’t be viable in a few short years. Our rate of freebie expense growth is outpacing our income growth by a large margin.
23
posted on
09/23/2013 6:37:01 PM PDT
by
CodeToad
(Liberals are bloodsucking ticks. We need to light the matchstick to burn them off. -786 +969)
To: CodeToad
The one future budget number I find reasonable, and scary, is the expected federal income at current tax rates versus the future estimated expenses. Those numbers are all over the place but they suggest we wont be viable in a few short years. Our rate of freebie expense growth is outpacing our income growth by a large margin. Current GAAP calculations show annual deficits running in the range of $6-7 trillion.
Most of the people I respect believe we could face a systemic failure of the financial system as soon as next year, or possibly even later this year.
24
posted on
09/23/2013 8:27:49 PM PDT
by
Zakeet
(Democrats haven't destroyed your freedoms ... you can still visit them at the Smithsonian)
To: Zakeet
The coming crash will destroy every nation.
25
posted on
09/23/2013 9:33:11 PM PDT
by
Jack Hydrazine
(IÂ’m not a Republican, I'm a Conservative! Pubbies haven't been conservative since before T.R.)
To: Jack Hydrazine
The coming crash will destroy every nation. You're too coy and reluctant to spell it out. Mass starvation and anarchy will prevail. There, now that should wake people up.
26
posted on
09/23/2013 9:40:15 PM PDT
by
roadcat
To: roadcat
What’s $211 trillion between friends?
27
posted on
09/23/2013 9:41:16 PM PDT
by
Jack Hydrazine
(IÂ’m not a Republican, I'm a Conservative! Pubbies haven't been conservative since before T.R.)
To: Zakeet
Even at our 5 year average of over $1 T/yr is unsustainable. An average number is that we borrow an additional 40 cents for every 60 cents spent.
28
posted on
09/23/2013 10:18:58 PM PDT
by
CodeToad
(Liberals are bloodsucking ticks. We need to light the matchstick to burn them off. -786 +969)
To: Gator113
Every debt is owned by someone.
29
posted on
09/24/2013 7:10:29 PM PDT
by
Toddsterpatriot
(Science is hard. Harder if you're stupid.)
To: Zakeet
Ahhh yes, The Federal Reserve at work.
30
posted on
09/24/2013 7:13:13 PM PDT
by
NY Attitude
(Make love not war but be prepared for either.)
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