VIDEO: US hides the real debt and is in worse shape than Greece

Posted: February 1, 2018 in economics, Uncategorized
Tags: ,

One of the things that continues to fascinate me is how bad the US debt really is. It’s not the often reported $20 trillion.

There’s $222 trillion dollars in outstanding liabilities out there when you figure in everything that’s been kept off the books. These included Social inSecurity and Medicare and other such things.

The greatest tragedy of the GOP is we know the Democrats spend like drunken sailors and think that debt and deficits don’t matter.

There’s no more excuses for the GOP. They have control of the House, they have control of the Senate, and they have the Presidency. Day 1 of President Trump’s presidency was the day that the conversation should have been started. Budgets should have been slashed, reform should have been initiated, no matter the electoral consequences. With rare exception, the conversation hasn’t happened.

Now we’re in grave danger, and it grows worse with each passing day. That’s not being overly dramatic. We can’t pay for this. Hell, my son’s generation probably won’t be able to pay for it.

$222 trillion is THREE TIMES THE WORLD’S GDP!!!!!

Only people that suck at math think we can grow (most Republicans) or tax (most Democrats) our way out of this.

The most fascinating thing about human beings is how we can construct our own realities. The reality of the world of math tells us that it’s time to wake up.

This is an interview of Laurence Kotlikoff on RT. (Yeah, I know, it’s RT, get over it. It’s a great interview.) Kotlikoff  is William Warren Fairfield Professor at Boston University. 

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Comments
  1. Well. BIG problem. No reasonable solutions offered. I personally would prefer this kind of depressing information on Mondays rather than right before the weekend.

    • Andrew Palmer says:

      That’s hilarious.

      Sorry, I prefer truth all days of the week. You know the lack of solutions are what terrifies me. As every day passes, we move closer to bad solutions and really bad solutions. The only solution may be some sort of soft economic collapse that forces a hard reset. The social consequences of that are disturbing.

      I do think that it is time that we have the courage to even get rid of what are somewhat decent legislators like Sam Graves. I use the phrase “somewhat decent” incredibly loosely there. This will be the first cycle that I’ll refuse to vote for him even in the general. Despite my protestations, I’ve often found him consistent on the 2nd Amendment. I no longer care. There is no bigger issue at this point in American history than the monetary system and spending. If there’s no legitimate third party candidates (i.e. non-insane Libertarian) in the race, I may vote for the Democrat.

      I’m starting to think that if we can’t stop the inevitable financial collapse, maybe we should accelerate it’s occurrence. Besides, as I said above, what difference does it really make anymore. The Republicans now spend only less than the Democrats. There’s only subtle differences on the edge issues between the two parties anymore.

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