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Thread: I want to verify if these US debt numbers accurate.

  1. #1

    Default I want to verify if these US debt numbers accurate.

    Our Federal Government is 15.36 Trillion dollars in debt
    Debt for the US citizens (their amount in housing, credit debt etc…) is 56.59 Trillion dollars, Total unfunded liabilities (money we have promised to pay in Social Security, Medicaid/care, and Prescription Drug Coverage to our own citizens which we do not have the funds to pay on) is sitting at 117.63 Trillion dollars.

    This equals a total of 189.58 Trillion dollars.

    Currently there is still some money in the pipelines for our general welfare programs (the unfunded liabilities mentioned above) so it is counted as an asset rather than a debt. However, this is supposed to be out by somewhere between 2015 and 2017.
    When that money runs out and starts getting counted as debt we will be in deep trouble. This will probably lead to our credit rating dropping which not only is needed for borrowing overseas but also means that the perceived value of the dollar will drop since it is backed by a promise in the good faith and credit of the USA. This could easily lead to the destruction of our dollar as well as possibly resulting in hyper-inflation which would be a minimum of 50% inflation every month. During the decline of the Continental Dollar the inflation rose by 49% every single day until it was worthless. This destroys everybody’s lifesavings and their ability to buy market goods such as food. Also, I believe this was the only time recorded that hyper-inflation set in when we did not end up with a police state out of all the recorded history of this on Earth.

    I read this from a comments section in response to my post and think this would be good information for an upcoming meeting in March for Texas.

    If they are, WOW, I was totally off.
    For the Republic! For the Cause!
    The Truth About Central Banking and Business Cycles
    http://www.youtube.com/watch?v=YaxIPPMR3fI#t=186



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  3. #2

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    You can find total federal debt here (it's updated daily):
    http://www.treasurydirect.gov/NP/BPD...application=np

    There are many ways to calculate unfunded liabilities and it requires a lot of assumptions. You will find various numbers for total unfunded liabilities and there is no one correct figure.

  4. #3
    Something, something, something...Whatever my rage for the day.

  5. #4

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    Nahhhh. Everything's fine. Stop worrying. Go shopping. Buy a house. Save your money in an IRA. Are you some kinda terrorist or something trying to undermine public confidence?
    The proper concern of society is the preservation of individual freedom; the proper concern of the individual is the harmony of society.

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  6. #5

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    Awesome thanks guys. And yes according to the SPLC we all are.
    For the Republic! For the Cause!
    The Truth About Central Banking and Business Cycles
    http://www.youtube.com/watch?v=YaxIPPMR3fI#t=186

  7. #6
    Member Zippyjuan's Avatar
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    The "unfunded liabilities" assumes that there are no taxes collected in the future to pay for future benefits- that you had to pay for them only with this year's revenues which vastly overstates them.
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  8. #7

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    Quote Originally Posted by Zippyjuan View Post
    The "unfunded liabilities" assumes that there are no taxes collected in the future to pay for future benefits- that you had to pay for them only with this year's revenues which vastly overstates them.
    Yes, in theory they aren't debt yet. However, those unfunded liabilities are in addition to the budget the Federal government already dismally fails to meet with existing revenue. So in order for those unfunded liabilities to NOT become debts, the government would have to cut a trillion or so dollars from the budget annually AND find trillions in new revenue to pay the additional liabilities. Ain't gonna happen.
    The proper concern of society is the preservation of individual freedom; the proper concern of the individual is the harmony of society.

    "Who would be free, themselves must strike the blow." - Byron

    "Who overcomes by force, hath overcome but half his foe." - Milton

  9. #8

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    Quote Originally Posted by phill4paul View Post
    Everything one needs to know is there.

    Unfunded liabilities are $118T. If that number doesn't scare you...
    Be responsible. Take care of yourself. Don't tread on other people. Slow down. Question everything. Start now.

    We are all born libertarians then something goes really wrong. Despite this truth, most people are still libertarians yet not know it.

  10. #9

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    Quote Originally Posted by Acala View Post
    Yes, in theory they aren't debt yet. However, those unfunded liabilities are in addition to the budget the Federal government already dismally fails to meet with existing revenue. So in order for those unfunded liabilities to NOT become debts, the government would have to cut a trillion or so dollars from the budget annually AND find trillions in new revenue to pay the additional liabilities. Ain't gonna happen.
    I remember reading an article last year that in order to pay for those unfunded liabilities we all face, everyone's taxes would have to be increased by a minimum of 30%. Just think of the destruction that would occur to the economy. How would most of you pay for your living expenses? Go on government welfare? That would just increase more debt... You see, it's a game of a dog always trying to catch it's tail. The debt will never end because of spending which causes taxes either directly or indirectly through the FED printing (inflation tax), and the destruction of our economy by the government. If Greece and the rest of the European countries aren't a prime example, I don't know what is.
    Last edited by Liberty74; 02-22-2012 at 04:38 PM.
    Be responsible. Take care of yourself. Don't tread on other people. Slow down. Question everything. Start now.

    We are all born libertarians then something goes really wrong. Despite this truth, most people are still libertarians yet not know it.

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    Member newbitech's Avatar
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    I read this and thought of that debt clock. I am like, man that thing is racking up so fast, by the time you actually write down the number you think might be accurate, you'd be off millions!

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    Quote Originally Posted by Zippyjuan View Post
    The "unfunded liabilities" assumes that there are no taxes collected in the future to pay for future benefits- that you had to pay for them only with this year's revenues which vastly overstates them.
    No, the unfunded liabilities that he is talking about is the present value of the entitlement shortfall taken to the infinite horizon. The SS portion of that is $17.9 Trillion. A 12.4% SS tax rate is assumed (6.2% employee/6.2% employer). The future unfunded liability of SS could be eliminated by increasing it to 8.1% employee/8.1% employer, or by reducing all current and future benefits by 21.9%. http://www.ssa.gov/oact/tr/2011/IV_B_LRest.html#267528

    I'm not sure if the $117.63 Trillion figure is accurate, though.
    "Government is not the solution to our problem; government is the problem."
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    Quote Originally Posted by enoch150 View Post
    No, the unfunded liabilities that he is talking about is the present value of the entitlement shortfall taken to the infinite horizon. The SS portion of that is $17.9 Trillion. A 12.4% SS tax rate is assumed (6.2% employee/6.2% employer). The future unfunded liability of SS could be eliminated by increasing it to 8.1% employee/8.1% employer, or by reducing all current and future benefits by 21.9%. http://www.ssa.gov/oact/tr/2011/IV_B_LRest.html#267528

    I'm not sure if the $117.63 Trillion figure is accurate, though.
    Thanks for more information on that.

    Run the current budget deficit to the "infinite horizon" and you can also come up with an infinite "unfunded liabliity" or an infinite national debt too. The numbers get bigger the longer you try to extrapolate into the future. We can make that unfunded liabilities number basically anything we want.
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