Re: US National Debt is $86.8 trillion, the capitalist economic model is now a diasat
Today's WSJ reports the City of Michigan is also in trouble.
Re: US National Debt is $86.8 trillion, the capitalist economic model is now a diasat
The U.S. fiscal gap, calculated (by us) using
the Congressional Budget Office’s realistic
long-term budget forecast – the Alternative
Fiscal Scenario – is now $222 trillion. Last
year, it was $211 trillion. The $11 trillion
difference – this year’s true federal deficit –
is 10 times larger than the official deficit and
roughly as large as the entire stock of official
debt in public hands.
Blink! U.S. Debt Just Grew by $11 Trillion - Bloomberg
unless people now going to claim bloomberg, ABC news and other US based media are anti US, the debt situation of the US economy is lot worse than its government would like to admit.
Re: US National Debt is $86.8 trillion, the capitalist economic model is now a diasat
How is america going to solve its debt crisis i don't think making childish jokes is gonna solve the problem.
Its a problem for creditors, not US. :P
ah well, another childish joke :P
Re: US National Debt is $86.8 trillion, the capitalist economic model is now a diasat
Good find in post 22.
This deficit of 222 trillion is NPV of future deficit. Is it NPV of
1) future deficit for a fixed year in the future?
Or
2) NPV of cumulative deficits for each year up to that fixed year in future.
A reason stated is each year brings us closer to all baby boomers living on Medicare Soc sec etc. Consuming 85% of Gdp. In Other words, could this be a one off issue? With this NPV figure peaking at some future year (in the near future)?
Also " The answer for the U.S. isn’t pretty. Closing the gap using taxes requires an immediate and permanent 64 percent increase in all federal taxes. Alternatively, the U.S. needs to cut, immediately and permanently, all federal purchases and transfer payments, including Social Security and Medicare benefits, by 40 percent. Or it can mix these terrible fiscal medicines with honey, namely radical fiscal reforms that make the economy much fairer and far stronger. What the government can’t do is pay its bills by spending more and taxing less. America’s children, whose futures are being rapidly destroyed, are smart enough to tell us this."
So some hard choices available. Cutting spending in defense Soc sec could be a start. And raising taxes in a progressive way.
Right now some folks are getting back from Soc sec MORE than they put in. Mehlekamp wrote a book circa 2000 when he said this needs to stop for the wealthy.