Community | February 08, 2011 | 11 comments

US Debt Actually At $70 TRILLION (Forbes, 2008)

source: http://www.forbes.com/forbes/2008/0929/034.html

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WakeUpPeople
The real liability facing our government is $70 trillion. This represents the present value difference between all the government's projected future spending obligations and all its projected future tax receipts. This fiscal gap takes into account Uncle Sam's need to service official debt--outstanding U.S. government bonds. But it also recognizes all our government's unofficial debts, including its obligation to the soon-to-be-retired baby boomers to pay their Social Security and Medicare benefits.

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Notice the 2008...

We see the $14T debt clock and we get shocked, but it is actually missing a few pieces of debt (only tens of trillions - some think hundreds of trillions). I think we need a nice hard look at our future. We need to keep the economy rolling (so we can't stop all govt spending), but we need to look at long term solutions too (like the Affordable Care Act). And yes, we need to stop wars, reduce the enormous military budget, regulate Wall Street, and increase taxes. Thoughts?
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11 comments // US Debt Actually At $70 TRILLION (Forbes, 2008)

  • desmosabie
  • Angeliron
  • luzer
    • +1
      luzer  

    • that's about $225,000 per man, woman and child in the usa or about 3500 bill gates'.
      that's a lot, imho.

    • 1 year ago
  • good_stuff
  • luzer
  • extracrazykiwi2008
  • a619ko
    • +1
      a619ko  

    • The U.S. dollar is becoming more and more worthless...Our government keeps printing more and more money without backing it up...China and Russia no longer trade in dollar, instead in rare minerals and other resources. Some shops are even accepting other foreign world currencies instead of the dollar. Eh, nothing can truly save us now. Welp, time to go trade my dollars for some yuan. X[

    • 1 year ago
  • artemis6
  • WakeUpPeople
    • +1
      WakeUpPeople  
    • artemis6:

      I'm totally for it, but it will never happen unless the people rise up. Greed will never let us reach that goal unless we fight against it. I have the dream, but not enough people share it with me... yet.

      “This will be the day when we shall bring into full realization the American dream -- a dream yet unfulfilled. A dream of equality of opportunity, of privilege and property widely distributed; a dream of a land where men will not take necessities from the many to give luxuries to the few; a dream of a land where men will not argue that the color of a man's skin determines the content of his character; a dream of a nation where all our gifts and resources are held not for ourselves alone but as instruments of service for the rest of humanity; the dream of a country where every man will respect the dignity and worth of human personality -- that is the dream.” ~Martin Luther King Jr.

      "The world is indebted for all triumphs which have been gained by reason and humanity over error and oppression." ~Thomas Jefferson

      "Mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed." ~Thomas Jefferson

    • 1 year ago
  • Schnookums
  • samthesixth
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