You owe over 1 million right now.
 

Assuming you're a taxpayer.

It was mentioned that Medicare has 25 trillion in unfunded liability. That is according to Social Security.

According to the Federal Reserve, that is actually 83!! trillion.

By comparison, SS looks pretty good at 'only' 15 tril. Prescription drug benifit, 20 tril.

If you hover over the heading it will tell you where is gets the info.

http://www.usdebtclock.org/

Debt to GDP ratio, 104%.

Pete

No question about it, the Republican party hasn't done the country any favors by running up most of the existing national debt.

With respect to the debt, Medicare and Social Security, all are fixable. The debt can be addressed with an approriate mix of tax increases (oh, the horror!) and spending reductions. Similarly, Medicare and Social Security can be remedied by an appropriate mix of premium increases and benefit adjustments.

I know; very easy to post but not so easy to achieve politically. But it needs to be done.

2 bil + a year over 60 years?

Then toss on another 15 tril in Federal debt, and this article: http://www.usatoday.com/news/washing...security_n.htm says another 5 tril in state and local. I doubt that's the end of our negative issues either.

Where are we going to get that kind of cash? Blood from a stone?

And of course, it's one party :rolleyes: Very extremely moderate statement there beej.

Pete

Pete, I should have put a tongue in cheek smiley following my comment because I was merely jabbing you. Of course, the Democratic Party has run up its share of the debt; no argument there. It is a point of fact, however, that the Repubs lead the Dems, narrowly, but they do lead in incurring indebetedness. My only point in mentioning that was to take a swipe at the holier than thou finger-pointing on the debt coming from 'certain' corners.

Ah so kemosabi ;)

But man, this is a bigger problem than any we're currently facing.

Pete

Pete, my friend, I absolutely agree with you. We have got to get a handle on all of this and soon or what happened in Greece will seem like nothing more than an angry text message.

Hey feel the brotherly love :D

Lets grab a handy politician and tar and feather him lol.

Pete

I figure once the numbers get so high that only a dog can hear them, it'll never get paid no matter what you do. So, what's the point in worrying about it?

Who do we actually owe this money too anyways? As I understand it, most of it is money that we owe to ourselves, technically, kinda sorta.

Eventually the global economic forces decide we're bankrupt and the dollar becomes worthless.

There is one way to fix this - get freakin' rich. There's two ways.

1) Steal China's gold reserves, 1200-1300 tons or so? of it.

2) Borrow another tril or so while we still can and mine the asteriod belt :)

Pete

Chicken little!:p Defeatist!