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To: SeekAndFind
Public government debt – including the state and local sector – is about $12T.

I'm mystified. If total government debt including obligations of the states is $12T why does the debt ceiling have to be raised above $14.3T for the Federal Government alone ?

Also there's the small matter of the Net Present Value of the future obligations of the Federal Government Social programs (Social Security, Medicare, Medicaid, Federal pensions etc etc ) currently estimated at anything between $48T and $78T. ( Future Pension obligations of the States and Municipalities of course are not included). The Federal Government is a bit like Enron, the nasty bits are kept off the balance sheet.

17 posted on 04/21/2011 11:01:18 AM PDT by Timocrat (Ingnorantia non excusat)
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To: Timocrat
If total government debt including obligations of the states is $12T why does the debt ceiling have to be raised above $14.3T for the Federal Government alone ?

Total government debt including obligations of the states is not $12T. Public government debt including obligations of the states is (according to the article) $12T. Public government debt is a subset of total government debt, which also includes intragovernment debts (including Social "Security").

38 posted on 04/21/2011 11:56:48 AM PDT by Darth Reardon (No offense to drunken sailors)
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