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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

    Quote Originally Posted by Kushinator View Post
    No.... I never said anything of the sort.
    Well, I'd prefer we reform it before, not after.....

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Fisher View Post
    Strange my credit report says otherwise and apparently we have Zero federal debt by your definition. Happy Days are here again
    This is true, bad wording on my part. But my point is, your current debt on your house hasn't taken into consideration future payments on that house. That was my point.

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Kushinator View Post
    Basically it went from over a trillion to 500 billion.

    Of course
    Was that chart designed by you?

    So the good news is that instead of the budget growing by a $trillion a year it will only grow by $500 billion a year? Thats leftist progress, is it?

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Boo Radley View Post
    Oth sides understand that. And both use tricky rhetoric to keep the base happy, but not really do anything. The problem is us. We're on the whole not interested in making tough decisions. And like it our not, you can't balance this beast over night. So, we need a plan, and one that doesn't throw the least of us under the bus. I'm more than willing to listen to the right plan, but lack faith any politician will actually follow through with one. At least not until we as voters act like adults.
    Of course you need a plan, which is why you elected a man with no financial, administrative, economic, private sector, or real world experience. That's what 'adults' do all right. And you will likely do it again with the election to be decided on dog on a car stories, or a teenager cutting someones hair or a 'war on women'..

    The leaders of the Democratic Party certainly didn't overestimate the intelligence of their followers.

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Grant View Post
    Of course you need a plan, which is why you elected a man with no financial, administrative, economic, private sector, or real world experience. That's what 'adults' do all right. And you will likely do it again with the election to be decided on dog on a car stories, or a teenager cutting someones hair or a 'war on women'..

    The leaders of the Democratic Party certainly didn't overestimate the intelligence of their followers.
    Well, this isn't Walmart, so those skills only have limited attraction. This is a country. It doesn't take a CEO. It takes a reasonable person who can identify issues and lead. We really don't have an application process with defined skills needed. Never have had. It's a mistaken view to think we need a financial skills. The plan really needs to come out of congress, and the president needs to lead them to make one.

    As I said, it can't be one that throws the least of us under the bus.

    As republicans tend to talk down to their audience. We can go that route of discussion, but I don't see it being fruitful. Do you?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: California economist says real US debt $70 trillion

    Already a thread about this and some of his numbers are... odd and take a hell of a lot assumptions into account.... like all American banks going bankrupt.
    PeteEU

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Grant View Post
    Was that chart designed by you?
    Yes, derived from the data which was sourced.

    So the good news is that instead of the budget growing by a $trillion a year it will only grow by $500 billion a year? Thats leftist progress, is it?
    That's called actual progress.
    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 Grant View Post
    The country will be wiped out as well because the currency will be useless.

    There are no stats available but, like Detroit, many who better understand economics are leaving and there is talk of secession from other States. This economic bungling, corruption and huge debt cannot end well for this generation of Americans.
    This is what I suspect will be the ultimate result. States operating within their means will secede in some form, either together, or separately. They will devise their own currency exchange.

    Or, there is always the One World Order theory.

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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.
    But it does show a very dangerous trend that has the potential to eventually cause economic collapse. If today we have managed to promise 70T for programs but have yet allocated funding what might it be like in that 50-100 years? If you look at the history of our unfunded liabilities im sure you will see it has grown per GDP. We could end up like Japan and find our self painted into a corner with unfunded liabilities.

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Baralis View Post
    But it does show a very dangerous trend that has the potential to eventually cause economic collapse. If today we have managed to promise 70T for programs but have yet allocated funding what might it be like in that 50-100 years? If you look at the history of our unfunded liabilities im sure you will see it has grown per GDP. We could end up like Japan and find our self painted into a corner with unfunded liabilities.
    I'm not doubting it. I was just saying, you can't exactly call unfunded liabilities debt when it comes to the government because the government's liabilities don't have a limited time frame like say a car loan or a mortgage.

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