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.