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Thread: California economist says real US debt $70 trillion

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    California economist says real US debt $70 trillion

    Hamilton believes the government is miscalculating what it owes by leaving out certain unfunded liabilities that include government loan guarantees, deposit insurance, and actions taken by the Federal Reserve as well as the cost of other government trust funds. Factoring in those figures brings the total amount the government owes to a staggering $70 trillion, he says.
    Hamilton believes important areas of federal off-balance-sheet commitments include loans for post-high school education, the Federal Deposit Insurance Corporation and the Federal Reserve System.
    “The biggest off-balance-sheet liabilities come from recognition of the fiscal stress that will come in the form of an aging population and rising medical expenditures,” Hamilton says, adding, “It is worth noting that there are many historical episodes in which off-balance sheet liabilities ended up having quite significant on-balance sheet implications.”


    Read more: California economist says real US debt $70 trillion | Fox News
    This is not a Republican-Democrat issue, folks. This is threatening to end this country as we know it, in the not-to-distant future.

    And yet, we seem bent on piling on more and more burden and stress to the budget year after year.

    I would not want to be a newborn baby in this country today. The future is bleak.

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Erod View Post
    This is not a Republican-Democrat issue, folks. This is threatening to end this country as we know it, in the not-to-distant future.

    And yet, we seem bent on piling on more and more burden and stress to the budget year after year.

    I would not want to be a newborn baby in this country today. The future is bleak.
    Holy sh1t!!!!!!! I'm so terrified. WE HAVE GOT TO CUT SPENDING NAOW!!!!!!!

    Slash taxes on the rich!!! Slash them now!!!! Before its too late!!!!!! SLASH N BURN

    CUT ALL PROGRAMS!!!!!

    END SPENDING!!!! END IT NAOW!!!!

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Erod View Post
    This is not a Republican-Democrat issue, folks. This is threatening to end this country as we know it, in the not-to-distant future.

    And yet, we seem bent on piling on more and more burden and stress to the budget year after year.

    I would not want to be a newborn baby in this country today. The future is bleak.
    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.

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Erod View Post
    This is not a Republican-Democrat issue, folks. This is threatening to end this country as we know it, in the not-to-distant future.

    And yet, we seem bent on piling on more and more burden and stress to the budget year after year.

    I would not want to be a newborn baby in this country today. The future is bleak.
    Oh, I'm positive they fudge the numbers to hide our true debt. They don't want people to start demanding that they do their job.
    You know the time is right to take control, we gotta take offense against the status quo

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    "I should have loved freedom, I believe, at all times, but in the time in which we live I am ready to worship it."

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Erod View Post
    This is not a Republican-Democrat issue, folks. This is threatening to end this country as we know it, in the not-to-distant future.

    And yet, we seem bent on piling on more and more burden and stress to the budget year after year.

    I would not want to be a newborn baby in this country today. The future is bleak.
    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.

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Erod View Post
    This is not a Republican-Democrat issue, folks. This is threatening to end this country as we know it, in the not-to-distant future.

    And yet, we seem bent on piling on more and more burden and stress to the budget year after year.

    I would not want to be a newborn baby in this country today. The future is bleak.
    Please.... Considering deposit insurance and various loan guarantees as debt is only a scare tactic by the right.

    I would be surprised if you actually understood the logic behind an unfunded liability.
    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 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.
    I guarantee you the right has been pushing such rhetoric since beginning of S.S., Medicare, etc.... How many people thought that Medicare would bankrupt the country in 30 years around 1960-1965?
    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 Kushinator View Post
    I guarantee you the right has been pushing such rhetoric since beginning of S.S., Medicare, etc.... How many people thought that Medicare would bankrupt the country in 30 years around 1960-1965?
    Who knows. But fact is, we had a lot less people 65 or older then. Our programs are based off a time period where it was rare to live past 75. Do you deny this?

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Kushinator View Post
    Please.... Considering deposit insurance and various loan guarantees as debt is only a scare tactic by the right.

    I would be surprised if you actually understood the logic behind an unfunded liability.

    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.

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Kushinator View Post
    I guarantee you the right has been pushing such rhetoric since beginning of S.S., Medicare, etc.... How many people thought that Medicare would bankrupt the country in 30 years around 1960-1965?
    How many people thought entire cities (Detroit) and states (California) would actually consider filing for bankruptcy one day?

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