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Title: University of California Study: US National Debt Is Really $70 Trillion Post by: ijphlrnxewho on August 13, 2013, 02:51:34 AM James Hamilton, an economics professor at the University of California, San Diego, just published his best estimate of the federal government’s “off-balance-sheet” liabilities, in which he concludes that the real national debt, popularly estimated to be $16.9 trillion, is in fact more than four times larger: $70.086 trillion. This is because of decisions to leave out certain unfunded liabilities when the national debt is counted. He explains:
read more at: http://www.infowars.com/university-of-california-study-national-debt-is-really-70-trillion/ Title: Re: University of California Study: US National Debt Is Really $70 Trillion Post by: cbeast on August 13, 2013, 03:07:47 AM Disregarding the source, the US is in debt to whom? How much dirt is in a hole 70 trillion deep?
Title: Re: University of California Study: US National Debt Is Really $70 Trillion Post by: justusranvier on August 13, 2013, 03:26:42 AM Disregarding the source, the US is in debt to whom? Retired federal employees, Social Security and Medicare recipients, Congressional pensions, etc.Title: Re: University of California Study: US National Debt Is Really $70 Trillion Post by: cbeast on August 13, 2013, 03:38:05 AM Disregarding the source, the US is in debt to whom? Retired federal employees, Social Security and Medicare recipients, Congressional pensions, etc.Title: Re: University of California Study: US National Debt Is Really $70 Trillion Post by: albyva on August 13, 2013, 03:48:12 AM James Hamilton needs to go back to school. Debt is what you "owe", not what you plan to owe. That is like saying my current debt is really $800,000 because after 23 more years of paying my mortgage payments, that is what I will have spent. Nevermind that I can sell my house tomorrow and go live on a park bench, thus wiping out my future liabilities. Debt is what you owe on money you've already borrowed and spent. Debt (IS NOT) what you will end up owing years and decades from now if nothing changes. And this professor isn't taking into account future tax revenue changes. Even right now our deficit has fallen by 50%, to around $600/billion. Title: Re: University of California Study: US National Debt Is Really $70 Trillion Post by: knight22 on August 13, 2013, 03:54:32 AM What can you except from a debt based currency?
Unlimited amount of debt! :o Title: Re: University of California Study: US National Debt Is Really $70 Trillion Post by: cbeast on August 13, 2013, 04:01:59 AM James Hamilton needs to go back to school. Debt is what you "owe", not what you plan to owe. That is like saying my current debt is really $800,000 because after 23 more years of paying my mortgage payments, that is what I will have spent. Nevermind that I can sell my house tomorrow and go live on a park bench, thus wiping out my future liabilities. Debt is what you owe on money you've already borrowed and spent. Debt (IS NOT) what you will end up owing years and decades from now if nothing changes. And this professor isn't taking into account future tax revenue changes. Even right now our deficit has fallen by 50%, to around $600/billion. |