The U.S. government’s books are in the red by more than $86.8trillion, according to an influential University of California San Diego economist.**
Officially, the debt stands at $16.7trillion, including nearly $12million in debt held by the public in the form of Treasury Bonds, wrote James Hamilton in a working paper for the National Bureau of Economic Research.
‘These numbers are so huge it is hard even to discuss them in a coherent way,’ argues Hamilton.
Although one can quarrel with the specific numbers, there is an undeniable important reality that they reflect – the U.S. population is aging, and an aging population means fewer people paying in and more people expecting benefits. This reality is unambiguously going to be a key constraint on the sustainability of fiscal policy for the United States.’
Conservative groups are leaping up to point out the apocalyptic nature of the new numbers.
Dan Holler, communications director at Heritage Action, told MailOnline that Hamilton’s report ‘destroys the notion that Washington can continue to ignore America’s pressing fiscal situation.’ --------------------------------------------------------------------------------------------
Capitalism has had its day, when you are debt to this amount no way you can justify this economic model as the ideal. Everyday the demise of the last superpower gets even closer they used to call the ottoman empire the sickman of Europe, today America appears to be on a life support machine!
Re: US National Debt is $86.8 trillion, the capitalist economic model is now a diasat
If the US economy collapses, that in turn will deeply affect many nations including Islamic ones which rely on American aid to keep a float. Especially Pakistan who must be so reliant to the the US considering the free hand it allows it in its territory. Would the Saudis and Qataris manage to fend off Iran without the US? Be careful of what you wish for.
Re: US National Debt is $86.8 trillion, the capitalist economic model is now a diasat
firstly, this is the US govt’s debt, not the US economy’s debt.
and if you really look at US govt. spending that has dug itself into this ditch, where is the capitalism? the bulk of the spending is on unproductive areas - armed forces, and socialistic schemes like medicare and social security.
the free market capitalistic system where it is free is vibrant and thriving and continues to drive the US economy still into total superiority over the rest of the world.
Re: US National Debt is $86.8 trillion, the capitalist economic model is now a diasat
Well lets see you come up with something better mr economist.
Overall, the US economy is growing and is adding more jobs. So while it may well cease to be a superpower some day, I dont think it will be within our lifetime.
Re: US National Debt is $86.8 trillion, the capitalist economic model is now a diasat
Nice cut and paste Job.
Mr. Rommel,
The article States US debt is around 17 trillion. While govt books in the red by 86 plus trillion. No explanation given on this large discrepancy. Any help you can provide to reconcile these figures would be appreciated.
Re: US National Debt is $86.8 trillion, the capitalist economic model is now a diasat
to be fair, there is a city called california city in agricultural central valley, and it is a pretty boring place - had to stop there once and grab a bite at one rundown capitalistic restaurant - they took my capital and i got a soggy burger and fries. so maybe rommel is right.. california city is ruined..
Re: US National Debt is $86.8 trillion, the capitalist economic model is now a diasat
to be fair, there is a city called california city in agricultural central valley, and it is a pretty boring place - had to stop there once and grab a bite at one rundown capitalistic restaurant - they took my capital and i got a soggy burger and fries. so maybe rommel is right.. california city is ruined..
wow, he is right! I just googled it. Rommel mian, thusi thai great ho!
ewww a capitalistic restaurant?!? Did they warn you before you went in at least?
Re: US National Debt is $86.8 trillion, the capitalist economic model is now a diasat
Nice cut and paste Job.
Mr. Rommel,
The article States US debt is around 17 trillion. While govt books in the red by 86 plus trillion. No explanation given on this large discrepancy. Any help you can provide to reconcile these figures would be appreciated.
Maybe you can contact the author of this article?
No need. Rommel just took any article which is anti-american and did a cut and paste job and added his two cent to show he did some authorative research and pasted it here to show off his anti-american credentials.
The problem with people like Rommel, is that he gets an orgasm each time he finds any news against USA.
Re: US National Debt is $86.8 trillion, the capitalist economic model is now a diasat
wow, he is right! I just googled it. Rommel mian, thusi thai great ho!
ewww a capitalistic restaurant?!? Did they warn you before you went in at least?
The capitalistic restaurants are ruining our society. Their chickens are roosting out of control. When will we wake up and realize that Islamic restaurants are the way to go? Do restaurants only care about making money? How pathetic! This is why the US will go down in flames. Their capitalistic restaurants are unsustainable and the world is realizing it.
Re: US National Debt is $86.8 trillion, the capitalist economic model is now a diasat
The capitalistic restaurants are ruining our society. Their chickens are roosting out of control. When will we wake up and realize that Islamic restaurants are the way to go? Do restaurants only care about making money? How pathetic! This is why the US will go down in flames. Their capitalistic restaurants are unsustainable and the world is realizing it.
Thats why i only go to Muslim owned resteraunts, u know the ones with Naat's playing in the background. That way when I pay for my meal, I know im doing so according to Islam AND NOT CAPITALISM.
Plus Islamic burgers and fries just taste better. Must be the secular oils they use in other places.
