19 June 2008
The Truth About the National Debt
Posted by Joy Bischoff under: Constitution in Peril; World Economy .
Peter Anderson sent me an article from the August Review and I wanted to share the following information regarding our national debt:
At the end of the first quarter, the total federal debt, including government agencies and government-sponsored enterprises, stood at $10.2 trillion. (In the Fed’s Flow of Funds report of June 8, 2006, see Table L.4. Then sum lines 4 and 5.)
But if you also include the estimated unfunded liabilities for Social Security, Medicare and other programs, the total federal debt is at least $54 trillion.
And that’s based on three separate studies — by the American Enterprise Institute (AEI), the National Center for Policy Analysis (NCPA) and the Brookings Institute.
9 Comments so far...
Angela Rogin Says:
19 June 2008 at 9:07 am.
I saw something here the other day about the debt being a lot higher than was being reported but I was hoping that was wrong. Reading this makes me think that was right and now I don’t see how we are going to solve the problem when we won’t even be honest how bad it is. This is crazy.
Cameron Says:
19 June 2008 at 9:45 am.
OUCH
Pickles Says:
19 June 2008 at 11:29 am.
Other countries own a ton of our debt so we are in big trouble.
T. Fan Says:
19 June 2008 at 12:31 pm.
Maybe we really are on the verge of bankruptcy. How can we support this kind of debt? I’m worried about social security. I’m afraid that after paying into it all these years, there won’t be anything for me when I need it. I need to rethink my retirement fund to not include s.s.
Anon88 Says:
19 June 2008 at 2:06 pm.
Cooking the books to fool the public is old hat. I see it done all the time here at my university. This isn’t a surprise to me but it is very disturbing when we try and figure out how we will get out of this mess. There will be consequences that we will all have to pay.
Iffer Says:
19 June 2008 at 2:25 pm.
Wow, this is scary. I had not idea how bad it really is.
Sharon Anderson Says:
19 June 2008 at 3:02 pm.
That is a great article: shows how they lie with statistics and manipulate the numbers. The explanation of the obvious government distortions was fascinating.
Distortion #1
The True Unemployment Rate Is Over 12% not the 4.7% reported by the Bureau of Labor Statistic.
Distortion #2
The True Inflation Rate Is Over 7% not the 3.8% announced
Distortion #3
Gross Domestic Product is Greatly Overstated
Nalvy Says:
19 June 2008 at 3:22 pm.
it is scary but now we arent completely unawares iffer
Hank Says:
19 June 2008 at 8:18 pm.
I wish I was completely unawares. Being awares tends to make one mad.
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