Aliens are coming October 14th 2008 Galactic Federation

[jibbguy]

Sprocket's estimate is much closer to the mark. When you count in the interest to pay off that debt (which, because of the way the privately-owned Federal Reserve System sells us new money to service the already-existing debt at interest so it is impossible to ever really pay it off...), and the money stolen from the Social Security fund (which is illegal btw but has been going on for many years), the real dept is somewhere in the 35  Trillion Dollar area... This figure is being used by several politicians now.

You will not see the real figures published anywhere.

[madsen]

Add to that, even the CIA's site lists the US "external debt" to be 12.5 trillion, which is 60.8% of GDP... 

Not to nitpick, but $12.5 trillion is actually about 90% of GDP ($13.84 trillion), so the "external debt" situation is actually worse than that!   

I think the 60.8% refers to "public debt".  I'm no economist though. 

[Sprocket]

 

How do you know I was unaware of the current national debt?

Also, the national debt was well over $2 trillion by 1990, not $1.5 trillion as you are saying. 

Yes, I am aware that the last time the budget was balanced was during the Clinton administration, and the last time before that was when LBJ was president.  As I said before, I'm not happy about the large deficits we have incurred.  However, I was objecting to the claim being made here that the US will go "bankrupt" in the next month or so.  That's complete nonsense. 

Apologies, I misread what you wrote.  Also, regarding the nineties figure, I was working from memory there...

I agree that a meltdown next month is unlikely, but when you see things like the recent fannie mae/freddy mac bailout, which will add a further $800 billion to the debt, you have got to wonder what kind of idiots are in charge - what happened to capitalism, survival of the fittest etc???  Of course the US isn't alone in this - the UK's recent bail-out of Northern Rock with public money is another example of where the rules only apply to the little guys...

Just seen your 'CIA' post - dunno, just quoting what I read on the site...

[madsen]

Apologies, I misread what you wrote.  Also, regarding the nineties figure, I was working from memory there...

I agree that a meltdown next month is unlikely, but when you see things like the recent fannie mae/freddy mac bailout, which will add a further $800 billion to the debt, you have got to wonder what kind of idiots are in charge - what happened to capitalism, survival of the fittest etc???  Of course the US isn't alone in this - the UK's recent bail-out of Northern Rock with public money is another example of where the rules only apply to the little guys...

No worries---sorry for my overreaction.  I think we are basically in agreement then.  I remember watching Reagan campaign against deficit spending before being elected, and then watching the debt basically double during his administration!  Although I'm not a conservative, I've never liked the idea of the federal government borrowing more and more money, especially when it's not being invested in the future.

[Sprocket]

Hi all,

If you count all that is due by the government you end up with a much larger debt than known. They owe in future expenses and benefits for the retirement funds and Medicare plus the current debt amount over 53 trillions. The 9 trillions they say is a smoke screen. The hole is deeper than deep.

http://mwhodges.home.att.net/nat-debt/debt-nat-a.htm

Take care,

Michel

I read somewhere (here maybe) that 50% of the US's 300+ million population is over 50 years - just think of the money they'd save if they released a virus that would only deliver its payload to old foggies!   Not far off the half century myself so I hope it remains a joke...