Our TOTAL unfunded Debt obligations total 62 Trillion which includes the National Debt, Medicaid, Medicare and Social Security. Other estimates bring that number up to 117 trillion dollars.
The 62 trillion is 106% of all of Americas assets. That includes bank holdings, the combined net worth of all US households, non-profits, business and corporate holdings.
In short we owe more than we're worth.
The "monetary base" for the United States, that's all the actual cash, coins etc is around 2.7 trillion dollars. The rest is electronic.
Total National debt relative to GDP reached 100%in the third quarter of 2011 and eventually surpassed the 100% mark.
When debt to GDP ratios reach 100% the value of the dollar declines and investors who are being paid back interest on their T-Bills will demand higher interest rates.
That wasn't supposed to happen for another 50 years.
In 2011 the US spent 3.7 trillion dollars but only took in 2.4 trillion dollars.
In 2011 the US spent 455 billion on INTEREST on the National debt.
Dividing up the National Debt among tax payers means each taxpayer would be responsible for 140,000 dollars.
When you add up all the SPENDING of Federal, municipal, State, County etc it equals 46% of US GDP.
Obama's economy is now providing income for up to 19% of Americans in the form of payouts.
That's 1 in 5
US households are receiving more payments from the government than they pay in taxes
In 1950 1 out of every 50 Americans was receiving Medicaid assistance. Today its 1 out of 6.
If you add up the total debt from Government, business and consumer it would add up to 56 trillion dollars.
That is 680,000 thousand dollars per person.
The US now borrows 5 billion everyday
43 cents of every dollar spent by the US is borrowed.
Publicly traded companies are required by the Federal government to account for future obligations like pension and retirement benefits.
The Federal budget is not bound by this rule.