Med911
August 8, 2013, 4:41am
4
Re: US National Debt is $86.8 trillion, the capitalist economic model is now a diasat
Leading economist says US national debt is actually $86.8TRILLION | Mail Online **
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.’ --------------------------------------------------------------------------------------------today America appears to be on a life support machine!
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.