The US is $10 trillion in debt. Or is it? This article claims that the debt is much larger because certain items have been left out in the calculations, such as Medicare, Social Security and the drug benfits for seniors.
According to this CNN article the National debt is closer to $53 trillion if we count what we owe to our own people and not just foreign debt.
This got me to wondering how much that is in comparison to the GDP of the USA. Well, for 2007 it was approximately 13.8 trillion dollars. Hmmm, so we owe more than 4 times the GDP. That doesn't sound so bad on the surface. Then I started to wonder what the GDP was for the whole world.
That would be $65 trillion.
Yep, the USA owes almost as much money in debt as what exists on the entire planet. I understand that I am being overly simplistic here. The debt could be as much as $100 trillion. There are some very advanced mathematics involved in calculating the totals. No matter what, things are not looking very good for the financial future of America.
The national debt does not include personal debt. How much personal debt are we carrying as a nation? I couldn't find a total number, but the ratio seems to be somewhere in the neighborhood of $4.50 of personal debt to every $1.00 of personal income in the US. This ratio mirrors the National debt to income ratio.
So add it all up and you've got $100 trillion in debt in the US from debt sources both public and private.
In a nutshell? We're fucked. WW3 is here and it isn't what we thought it was going to be. No bullets, no bombs, no tanks. We are going to be repossessed by our creditors. They certainly won't be able to collect any of their debts if they bomb us, so we are safe in that regard. Besides, the rest of the world's economy is dependent on America being a money making machine.
Hopefully this machine has the ability to be repaired. Most likely it will be replaced.





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