The scary actual U.S. government debt

[mrjarrell]

This made me sick to my stomach. Laurence Kotlikoff, economist, pulled out the real numbers of the US governments debt. It's nowhere near $13.5 Trillion that they keep touting. It's 14 fold higher, $200 Trillion. ('scuse me, there goes my stomach again). That's 840% of current GDP.

That means higher taxes, inflation (there's just no way to escape that one) and draconian cuts across the board are going to be necessary if we are to survive. At least Mr Kotlikoff offers a decent plan to get rid of our current tax system, as an upside. Too bad no one in DC will take his suggestions to heart. Shoot, even this big a story had to be published in a foreign country. No doubt our press wouldn't run with it.

The scary actual U.S. government debt - The Globe and Mail

 

[dom1104]

What is there to say?

Continue preparing on a personal level?

In other countries with impending financial crashes, the smartest men were the ones who emigrated PRIOR to the crash to more stable countries.

But of course that could never apply to US.. oh no.

American Exceptionalism is the rule that can never be questioned.

We are certainly exceptional at spending money.....

/feeling pretty grumpy today after a discussion with a liberal that basically said "Nothing could ever happen so us, the government will prevent it and do whatever it takes."

/rolls eyes

 

[CorvetteTom]

I have little doubt about the true hidden deficit. The government spending skyrocketed and yet income earners plummeted. Plug that equation into your household budget and see how well it works. Common sense is a thing of the past.

I still stand by my belief that all incumbents MUST GO! Term limits should be enacted immediately and roll over government now. Politicians are like a new employee, they get there and try to look like the perfect employee... on time, leave late and do the job by the book. Then as they get comfortable(2nd term) they start to come in a bit later, go home a bit sooner and take a couple of pencils/pens/paper clips from the office for use at home. Then as they get tenure... it's really on then. They have the run of the place and no one can question their integrity or they are labeled some hate-filled definitive.

FIRE Washington, DC NOW! More than anything our government should be the epitome of accountability.

 

[ATOMonkey]

Wow, great read. I've had a feeling that things are going to get much much worse before they're going to get better, and as we get closer, more info like this will begin to surface.

 

[dom1104]

I have little doubt about the true hidden deficit. The government spending skyrocketed and yet income earners plummeted. Plug that equation into your household budget and see how well it works. Common sense is a thing of the past.

I still stand by my belief that all incumbents MUST GO! Term limits should be enacted immediately and roll over government now. Politicians are like a new employee, they get there and try to look like the perfect employee. On time, leave late and do the job by the book. Then as they get comfortable(2nd term) they start to come in a bit later, go home a bit sooner and take a couple of pencils/pens/paper clips from the office for use at home. Then as they get tenure... it's on then. They have the run of the place and no one can question their integrity or they are labeled some hate-filled definitive.

FIRE Washington, DC NOW! More than anything our government should be the epitome of accountability.

Yeah thats all well and good Tom, but its kinda like saying "YOUR FIRED" after someone has been raping you and your family for 50 years.

I mean.. ok great. but we are still screwed.

I think Oleg sums up what I think about our situation.

 

[CorvetteTom]

Yeah thats all well and good Tom, but its kinda like saying "YOUR FIRED" after someone has been raping you and your family for 50 years.

Wholeheartedly agree! (and you almost quoted exactly the same metaphor I use) But we need to start somewhere. We must find a way to hold off the current attack, then devise a way to go on the offensive. But, I am also a firm believer that there is criminal mischief going on in Washington and I insist that those guilty pay dearly for their crimes against this country.

Let the battle begin!

 

[dom1104]

Agreed 100% Tom.

There is at least one good man in Mt. Comfort.

+rep incoming

 

[SnowCountry]

It is much worse than the media is reporting. Obviously, that is not a shocker as they are owned by the same people who drive the debt. As someone who has researched this at great length for the last 35 years, and for anyone who wishes to investigate further, I would suggest the following:
Youtube:
Peter Schiff
Gerald Celente
Marc Faber
Jim Rogers
John Williams-Shadowstats

Also Youtube these Documentaries:
Overdose-The Next Financial Crises
Fiat Empire
The Creature From Jekyll Island
The Moneymasters

"Liberty requires Responsibilty, that is why most men dread it. The power of accurate observation is considered cynicism by those who do not have it."

 

[tenring]

U.S. National Debt Clock : Real Time

 

[ocsdor]

That's why I'm investing in heavy metals: Steel, Brass, and Lead.

 

[beararms1776]

U.S. National Debt Clock : Real Time

They sure have some deeeeeeeeeeep pockets.