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Thread: California economist says real US debt $70 trillion

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    Re: California economist says real US debt $70 trillion

    Lolz...deposit insurance.....

    If we count liabilities into the future enough...I mean at our current growth rate and life expectancy I'm sure you can include numbers until 3010.

    "US Debt Figure Really 30 Gazillion Dollars!"
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Erod View Post
    How many people thought entire cities (Detroit) and states (California) would actually consider filing for bankruptcy one day?
    California isn't declaring bankruptcy...Detroit...the writing has been on the walls for decades. It's not "out of nowhere Gosh the world is falling apart". That's the reason states and cities credit ratings vary...because bankruptcy is always a possibility.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by ReformCollege View Post
    Well, in all fairness "unfunded liabilities" really just means future expenses that we don't have money for right now. $70T sounds like a big number, but not if the time frame is something like 50-100 years. I agree that spending is a huge problem, but calling future liabilities debt is a huge stretch.
    So the mortgage payments I have due next year are not debt because it is this year?

    ....and you are also wrong that it is a "huge stretch" because these projections take into account projected revenues and projected expenses under current policy. Since we never pay off any debt and just refinance it making interest only payments, the interest only payments are going to be eating up massive amounts of our federal budget.

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by TiredOfLife View Post
    If 70t is true and the entire economy is roughly 16t, you can stop worrying about it, since you'll never pay that back, but if I was a creditor I'd be sweating.
    If you owe a million dollars then the bank owns you. If you owe a trillion dollars then you own the bank.

    "The urge to save humanity is almost always a false front for the urge to rule." --HL Mencken

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by ReformCollege View Post
    Our programs are based off a time period where it was rare to live past 75. Do you deny this?
    No. Birth rates were also much higher when they were first implemented. Woman representation in the workforce as also a fraction of what it is today. The labor force/population ratio was much lower back then



    We also pay more into these programs than we did when they began. Do you deny this?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Erod View Post
    We're about to pile on national healthcare and amnesty 13 million people, many of which are going to utilize every government program they can get their hands on.

    These loan guarantees and insurance demands are likely a fraction of what they'll truly be.
    Your opinion is noted.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: California economist says real US debt $70 trillion

    Can I pay you back Tuesday for a hamburger today?

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by LowDown View Post
    If you owe a million dollars then the bank owns you. If you owe a trillion dollars then you own the bank.
    That's good for us then. Just think of all we 'own'.

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Fisher View Post
    So the mortgage payments I have due next year are not debt because it is this year?
    Not really, no.

    If i owe $100k on my house, but will repay a total of $240k by the time it is payed off, do i count the unfunded liability (amortized interest + principal) against my net worth? Of course not (nobody does!). By the time i pay off my house, how much will the value of a dollar (that is used to repay) have fallen?



    ....and you are also wrong that it is a "huge stretch" because these projections take into account projected revenues and projected expenses under current policy. Since we never pay off any debt and just refinance it making interest only payments, the interest only payments are going to be eating up massive amounts of our federal budget.
    What will GDP be in 2080 assuming a 2% average annual real growth rate?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by iliveonramen View Post
    California isn't declaring bankruptcy...Detroit...the writing has been on the walls for decades. It's not "out of nowhere Gosh the world is falling apart". That's the reason states and cities credit ratings vary...because bankruptcy is always a possibility.
    The writing has been on the wall in the US for at least a decade but many still don't recognize it, just as they fooled themselves about Detroit and several other cities.

    Are you still with the Kool Aid and believing these political opportunists?

    Obama Flashback: ‘We Refused to Let Detroit Go Bankrupt’ | Video | TheBlaze.com

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