Free Markets, Free People

How deep are we in the hole?

Our national debt–and other obligations/entitlements–now exceeds the annual economic output of the entirety of human civilization. And that’s an optimistic estimate.

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11 Responses to How deep are we in the hole?

  • Two Senator (I forgot who) did a bipartisan effort to measure the hole.
    They came up with the deft at $66 trillion.
    They also figured that all assets in the US combined were worth $59 trillion.

  • But…but…Trumka says we have LOTS of money….


  • Yeah, and we “extremists” have been hollering that this was coming for thirty years.

    Seriously, I’m having a hard time these days deciding which I detest the most: leftist idiots who believe in magic, or “pragmatic moderates” who think that if you take a barrel of feces and add a gallon of ice cream, that somehow that makes the feces acceptable.

  • It’s not our national debt that’s that large (national debt is all outstanding debt securities), but rather our debt and all projected unfunded liabilities.

  • Actually, I am relieved by this. We can go back in time and pay off our debt in cowry shells.

  • “…now exceeds the annual economic output of the entirety of human civilization

    We’re number one! I am so proud.

  • Over the years a lot of suspicion has built up across the country about Washington and its population of opportunistic transients coming to see themselves as a special kind of person, somehow above average working Americans who don’t work down in that former swamp.
    Well, finally, an end to all those undocumented doubts. Thanks to some diligent digging by the Washington Post, those suspicions can at last be put to rest.
    They’re correct. Accurate. Dead-on. Laser-guided. On target. Bingo-bango. As clear as it’s always seemed to those Americans who don’t feel special entitlements and do meet their government obligations.
    We now know that federal employees across the nation owe fully $1 billion in back taxes to the Internal Revenue Service.