The Bill for the Massive U.S. Debt

Quote from krazykarl:

Just search for the us treasury's balance sheet. The cash is with the UST, where else? You're making a mountain out of a molehill - only zealots are about to have a revolution. The Fed is mandated by congress to not be regulated by the govt - that would be like giving the grocery cashier the ability to write their own paycheck each week. Want things to operate differently? Call your congressperson and have them change it. It's up to congress, not the fed, how things work.

Yes, I've spent millions of dollars and forced my way into the UST's books. The governments numbers are no more made up than the numbers of the bloggers, radio show hosts, and other nuts that you have already taken to heart. Why do you think everything the govt. publishes is a "made up" number? Because they are big and evil? Or is it because you haven't received your due $$$$$$$ for doing nothing yet and are pissed someone has a newer iPhone than you?
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[Translation]

Now scatter! You dimwitted plebs. There is nothing here for you to see, and nothing here for you to worry about. You couldn't understand it anyway if I explained it to you.

The rising foreclosures, de-industrialization, offshoring, derivative/AIG crisis, the medicare/SS crisis, pension crisis, the foreign wars, the increasing interest on US debt, the tenuous and fragile financial and commercial relationship between the US and China, the 23 Trillion in commitments.... all these things are very complicated and are being handled by very competent and talented people.

Don't you know it's normal when a government nationalizes, to various degrees, the auto manufacturing and financial industries? Well, it's not nationalization because the fine men that run these industries are handsomely compensated. That kind of thing doesn't happen in Venezuela, you know? And if you don't like it, go live in Cuba!

Now shut up you plebs. It's not the end of the world because I said so.

[end translation]
 
Quote from achilles28:

Bill Clinton left office with a 560 Billion budgetary surplus.

The last President to enjoy a surplus during their tenure was Nixon (5 Billion).

13 Trillion does not equal 565 Billion.

Where did the Treasury get the other 12.5 Trillion in reserves?

That's quite a mystery, KrazyKarl.
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Budgetary is yoy - not cumulative, which is the 13T number. If Clinton left with a ~550B 1-4yr surplus, that's only ~26 years of surplus worth to build those reserves, and we've been at it ~300 years.(including the time-value of money, investment, and all the years the budget was blown to crap)
 
Quote from Misthos:

[Translation]

Now scatter! You dimwitted plebs. There is nothing here for you to see, and nothing here for you to worry about. You couldn't understand it anyway if I explained it to you.

The rising foreclosures, de-industrialization, offshoring, derivative/AIG crisis, the medicare/SS crisis, pension crisis, the foreign wars, the increasing interest on US debt, the tenuous and fragile financial and commercial relationship between the US and China, the 23 Trillion in commitments.... all these things are very complicated and are being handled by very competent and talented people.

Don't you know it's normal when a government nationalizes, to various degrees, the auto manufacturing and financial industries? Well, it's not nationalization because the fine men that run these industries are handsomely compensated. That kind of thing doesn't happen in Venezuela, you know? And if you don't like it, go live in Cuba!

Now shut up you plebs. It's not the end of the world because I said so.

[end translation]
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lol. Basically...... ;)
 
Quote from krazykarl:

Budgetary is yoy - not cumulative, which is the 13T number. If Clinton left with a ~550B 1-4yr surplus, that's only ~26 years of surplus worth to build those reserves, and we've been at it ~300 years.(including the time-value of money, investment, and all the years the budget was blown to crap)
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No, that's cumulative. For his 8 years, he left a total surplus of 550 Billion.

Surplus years are destroyed by deficit spending. We've only had a *few* surplus years (amounting to ~700 Billion ), over the past 40 years !

So where did the other 12.5 Trillion come from?
 
I'm convinced that this trillion number just can't exist yet and shouldn't exist, we don't even have the resources that could be valued at that amount. Also when you have people including the Federal Reserve counterfeiting their money and it's incredibly easy to do with paper bills then it should be bloody obvious why this is bs.
 
Quote from achilles28:

No, that's cumulative. For his 8 years, he left a total surplus of 550 Billion.

Surplus years are destroyed by deficit spending. We've only had a *few* surplus years (amounting to ~700 Billion ), over the past 40 years !

So where did the other 12.5 Trillion come from?
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not sure - i spent a few minutes looking for the pdf from the treasury where i got that number but can't find it. I put stock in it because of a few articles citing the same number, give or take 500 billion.( was around 13T) I do remember digging into the number and it seemed reasonable given the balance sheet - the majority of the value was from investment income, though I don't remember it being broken down further.(meaningful anyway) It was also valued in current dollars(2006) so it seemed likely that it was built up over a long period of time and various compounding (re)investments.
 
Quote from krazykarl:

The UST has around 13T worth of cash reserves in the coffers. While the budget deficit is large, the govt. can write a check for the balance of the debt right now if they wanted to. So why would there need to be blood if there is enough real cash on the books to pay off the debt? People keep saying the worst is coming because of the morsels of info they digest from cnn/fox/nbc/etc... instead of drawing conclusions with MSM editorials you should read the hard data and put things into context.

We are spending more then we have yoy, however, right now we have the savings to cover it in full. This does mean we have to change our ways, but we are by no means in a dire situation.
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U.S. Debt Totals $133 Trillion, China Prime Beneficiary of Fed Money Printing

Even if the government could somehow pay off that debt at the rate of, say, $100 MILLION PER DAY, EVERY DAY STARTING RIGHT NOW, IT WOULD TAKE 3,663 YEARS BEFORE THE TOTAL GOVERNMENT DEBTS AND OBLIGATIONS ARE PAID OFF.

Even if Washington were to pay off $1 BILLION per day, it would still take about 366 years before they’re paid off.

The U.S. Federal deficit at $1.6 trillion

The officially recognized national debt at $12.1 trillion

$3.5 trillion owed to foreign investors

Unfunded national obligations of $106.5 trillion

Another $9 trillion in cumulative deficits over the next 10 years

At least another trillion dollars needed for health care reform!

Grand total: $133.7 TRILLION IN DEBT!

http://www.marketoracle.co.uk/Article15977.html
 
Quote from observer67:

U.S. Debt Totals $133 Trillion, China Prime Beneficiary of Fed Money Printing

Even if the government could somehow pay off that debt at the rate of, say, $100 MILLION PER DAY, EVERY DAY STARTING RIGHT NOW, IT WOULD TAKE 3,663 YEARS BEFORE THE TOTAL GOVERNMENT DEBTS AND OBLIGATIONS ARE PAID OFF.

Even if Washington were to pay off $1 BILLION per day, it would still take about 366 years before they’re paid off.

The U.S. Federal deficit at $1.6 trillion

The officially recognized national debt at $12.1 trillion

$3.5 trillion owed to foreign investors

Unfunded national obligations of $106.5 trillion

Another $9 trillion in cumulative deficits over the next 10 years

At least another trillion dollars needed for health care reform!

Grand total: $133.7 TRILLION IN DEBT!

http://www.marketoracle.co.uk/Article15977.html
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where did the 133T number come from? Most of the article is an op-ed piece based on the assumption of this 133T number, which the author fabricates based on conjecture. 100T in "unfunded national obligations" ?
 
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