How much do you owe?

Quantum Windbag · Aug 9, 2012

Roughly $222,000,000,000,000.

Do you have any idea how long it will take you to pay back that much money. If your name is Warren Buffet, you made $62,855,038 last year, so it would take you almost 3,224,165 years to pay that much money back. That is, of course, assuming you don't eat, or die.

The U.S. fiscal gap, calculated (by us) using the Congressional Budget Offices realistic long-term budget forecast -- the Alternative Fiscal Scenario -- is now $222 trillion. Last year, it was $211 trillion. The $11 trillion difference -- this years true federal deficit -- is 10 times larger than the official deficit and roughly as large as the entire stock of official debt in public hands.
This fantastic and dangerous growth in the fiscal gap is not new. In 2003 and 2004, the economists Alan Auerbach and William Gale extended the CBOs short-term forecast and measured fiscal gaps of $60 trillion and $86 trillion, respectively. In 2007, the first year the CBO produced the Alternative Fiscal Scenario, the gap, by our reckoning, stood at $175 trillion. By 2009, when the CBO began reporting the AFS annually, the gap was $184 trillion. In 2010, it was $202 trillion, followed by $211 trillion in 2011 and $222 trillion in 2012.
Part of the fiscal gaps growth reflects changes in policy, such as the Bush and Obama tax cuts, the introduction of Medicare Part D, and the expansion of defense spending. Part reflects natural growth of existing programs, including growth in Medicare and Medicaid reimbursement rates. And part reflects the demographic time bomb U.S. politicians are blithely ignoring.
Click to expand...

Blink! U.S. Debt Just Grew by $11 Trillion - Bloomberg

Sinjorri · Aug 9, 2012

what do me we all the liberals are going to change nationalities, wait til the conservatives put things back in order and than COME back here and complain about the country they love, which never does what they want it to do.

Facebook Co-Founder Saverin Gives Up U.S. Citizenship Before IPO - Slashdot

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How much do you owe?

Quantum Windbag Gold Member

Sinjorri Senior Member

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How much do you owe?

Quantum Windbag Gold Member

Sinjorri Senior Member

Latest Threads

Are Blacks More Racist Than Whites? Most Americans Say Yes

How do good Americans and our democracy benefit from diversity again?

Democrats Are Getting Desperate As Mueller Stalls

Van Ploughs into Pedestrians at busy Toronto intersection

CDZ What do you think the next major developments in personal weapons will be?

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