One of this site’s readers, Zach Williams sent me this news clip from February. In this short clip, economist Stephen Moore explains that on top the national debt that is talked about, we actually have several other national debts. These debts include future Social Security and Medicare obligations that are above what expected contributions will be, as well as insurance guarantees made by our government. Im pretty sure that this does not include most of the $12,800,000,000,000 [$12.8 trillion] that I reported has been spent and/or promised for bailouts and “stimulus.”
The total listed in this clip is $78,800,000,000,000 [$78.8 trillion]. This is higher than the GDP for the entire world was in 2008. This is quite scary to me.
I dont see how this wont lead to us printing massive amounts of money to cover this debt, seeing how there isnt enough money in the world to pay it off. Of course, if we add another $12,800,000,000,000 [$12.8 trillion], than things are going to look even worse.
Please help me promote my site: