With BO's intentional continuous destructive increases of America's extensive debt volume I thank our SC businessman for both his timely writing of the debt message below & attaching the Visual Guide illustrating the enormity of our national debt problem – this link provides an excellent pictorial illustrating the amount of money involved & includes the famous national debt clock. I always appreciate when people send me articles they write themselves. He also included separately this link of a government house call that I named “Are You Talking To Me?” .
I add only the following:
1. The above does not include the off the books $7.5 trillion debt that Fan & Fred (& therefore the federal government) are responsible for – this brings the total to $22 trillion instead of the $14.5 trillion shown in the first link above, &
2. Professor Antony Davies of Duquesne University points out that the federal government's debt-to-income ratio is 635% meaning that the government debt is like a household with a $50,000 income having a $320,000 credit-card bill. The debt-to-income ratio is substantially different from the rest of the measures in this posting that present debt-to-GDP ratios. Decide for yourself which is the more important one to follow.
In line with this topic I also include below John Steele Gordon's op-ed from the August 29 WSJ entitled A Short Primer on the National Debt – it offers an excellent explanation of many debt-deficit terms. Just let me know if you have any questions & I will get you the answers you need.
---Debt Message From SC Businessman---
The above link is a rendering of what our national debt really looks like.
You might note that the claimed debt is currently $14.5 Trillion. However, when you add in all the unfunded liabilities that have been promised (Social Security, Medicare, pensions [the other 500 pound gorilla no one is talking about] and more) the total is $100 Trillion more.
As many of you know, I have been trying to get people to obtain a copy of Generation Zero (www.GenerationZeroMovie.com) for a year. It explains what & why the true debt is, what it is and details the 50 year run up of how we got into this mess (actually, I think the groundwork was laid earlier with Woodrow Wilson). Both political parties can and should be blamed.
The question is how can we escape a total collapse of the world economy?
Excellent information to chew on. I have seen similar depictions of the size of the debt but this one was even more visually overwhelming in scope. I found the quote from Buffett very interesting but I can't imagine anyone in Congress being wiling to pass such a bill. It would make them too vulnerable.
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