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The True Size Of The U.S. National Debt, Including Unfunded Liabilities, Is 222 Trillion Dollars
The True Size Of The U.S. National Debt, Including Unfunded Liabilities, Is 222 Trillion Dollars
The United States is on a path to financial ruin, and everyone can see what is happening, but nobody can seem to come up with a way to stop it. According to the U.S. Treasury, the federal government is currently 22 trillion dollars in debt, and that represents the single largest debt in the history of the planet. Over the past decade, we have been adding to that debt at a rate of about 1.1 trillion dollars a year, and we will add more than a trillion dollars to that total once again this year. But when you add in our unfunded liabilities, our long-term financial outlook as a nation looks downright apocalyptic. According to Boston University economics professor Laurence Kotlikoff, the U.S. is currently facing 200 trillion dollars in unfunded liabilities, and when you add that number to our 22 trillion dollar debt, you get a grand total of 222 trillion dollars.
Of course we are never going to pay back all of this debt.
The truth is that we are just going to keep accumulating more debt until the system completely and utterly collapses.
And even though the federal government is the biggest offender, there are also others to blame for the mess that we find ourselves in. State and local governments are more than 3 trillion dollars in debt, corporate debt has more than doubled since the last financial crisis, and U.S. consumers are more than 13 trillion dollars in debt.
When you add it all together, the total amount of debt in our society is well above 300 percent of GDP, and it keeps rising with each passing year.
…click on the above link to read the rest of the article…
FedEx Is Talking As If A Global Recession Has Already Begun – And The Numbers Back That Up
FedEx Is Talking As If A Global Recession Has Already Begun – And The Numbers Back That Up
“Slowing international macroeconomic conditions” is just a fancy way to say that the global economy is in big trouble. For months, I have been warning that economic conditions are deteriorating, and we just keep getting more confirmation that we are facing the worst global downturn since the last financial crisis. For the second time in three months, FedEx has slashed its revenue forecast for this year. In an attempt to explain why revenue is declining, FedEx’s chief financial officer placed the blame squarely on the faltering global economy. The following comes from CNBC…
The multinational package delivery service reported declining international revenue as a result of unfavorable exchange rates and the negative effects of trade battles.
“Slowing international macroeconomic conditions and weaker global trade growth trends continue, as seen in the year-over-year decline in our FedEx Express international revenue,” Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer, said in statement.
The use of the word “trends” implies something that has been going on for an extended period of time, and obviously FedEx doesn’t expect things to get better any time soon if they have cut profit projections twice in just the last three months.
And FedEx certainly has a lot of company when it comes to having a gloomy outlook for the global economy. In one recent article, Bloomberg boldly declared that the global economy is in the worst shape it has been “since the financial crisis a decade ago”…
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As The Economy Teeters On The Brink Of A Recession, U.S. Debt Levels Are Absolutely Exploding
As The Economy Teeters On The Brink Of A Recession, U.S. Debt Levels Are Absolutely Exploding
We now have official confirmation that the U.S. economy has dramatically slowed down. In recent days I have shared a whole bunch of numbers with my readers that clearly demonstrate that a new economic downturn has begun. And even though stock prices have been rising, the numbers for the “real economy” have been depressingly bad lately. But what we didn’t have was official confirmation from the Federal Reserve that the economy is really slowing down, but now we do. According to the Atlanta Fed’s GDPNow model, the economy is growing “at a 0.3 percent annualized rate in the first quarter”…
The U.S. economy is growing at a 0.3 percent annualized rate in the first quarter, based on data on domestic construction spending in December released on Monday, the Atlanta Federal Reserve’s GDPNow forecast model showed.
For years, the goal has been to get U.S. growth above the key 3 percent threshold, but what this forecast is telling us is that economic growth is currently at one-tenth of that level.
That is just barely above recession territory.
So when I say that we are teetering on the brink of a recession, I am not exaggerating.
We also just got some really bad news about construction spending…
Construction spending fell 0.6% in December from November, based on a seasonally adjusted annual rate, released today by the Commerce Department. Compared to December a year earlier, total construction spending inched up only 0.8% (not seasonally adjusted), the lowest growth rate since Oct 2011, coming out of the great recession.
Now we can add that to the list of all the other numbers that are telling us that very rough times are ahead.
Meanwhile, debt levels in the U.S. just continue to explode.
…click on the above link to read the rest of the article…
The Most Depressing Stat Of The Month: The U.S. National Debt Is About To Pass The $22 Trillion Mark
The Most Depressing Stat Of The Month: The U.S. National Debt Is About To Pass The $22 Trillion Mark
The U.S. national debt is wildly out of control, and nobody in Washington seems to care. According to the U.S. Treasury, the federal government is currently $21,933,491,166,604.77 in debt. In just a few days, that figure will cross the 22 trillion dollar mark. Over the last 10 years, we have added more than 11 trillion dollars to the national debt, and that means that it has been growing at a pace of more than a trillion dollars a year. To call this a major national crisis would be a massive understatement, and yet there is absolutely no urgency in Washington address this absolutely critical issue. We are literally destroying the financial future of this nation, but most Americans don’t seem to understand the gravity of the situation that we are facing.
The Congressional Budget Office projects that the national debt and interest on that debt will both explode at an exponential rate in future years if we stay on the path that we are currently on. According to the CBO, the federal government spent 371 billion dollars on net interest during the most recent fiscal year…
In fiscal 2018, the government spent $371 billion on net interest, while the Defense Department budget was $599 billion. Social Security benefits cost $977 billion, Medicare $585 billion and Medicaid $389 billion, according to the CBO estimates.
But the CBO said interest outlays’ rate of growth in fiscal 2018 was faster than that for the three mandatory federal programs: Social Security (up $43 billion, or 5 percent); Medicaid (up $14 billion, or 4 percent); and Medicare (up $16 billion, or 3 percent). In comparison, net interest on the public debt increased by $62 billion, or 20 percent.
The 371 billion dollars that we spent on interest could have been spent on roads, schools, airports, strengthening our military or helping the homeless.
Instead, it was poured down a black hole.
…click on the above link to read the rest of the article…
