"Based on the CBO’s data, I calculate a fiscal gap of $202 trillion, which is more than 15 times the official debt. This gargantuan discrepancy between our 'official' debt and our actual net indebtedness isn’t surprising. It reflects what economists call the labeling problem. Congress has been very careful over the years to label most of its liabilities 'unofficial' to keep them off the books and far in the future."
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The question I always want answered is to whom is all that money owed? Which rich person had a cupboard full of $60 trillion that he was prepared to lend out.
Plan B: Why don't we tell him that we have no intention of paying him back? Problem solved!
A lot of that $60 trillion Elon Musk is talking about is unfunded liabilities including pensions, social security, and other government funding. A whole host of other countries have that same problem.
$60 trillion is child's play to what the debt REALLY amounts to.
https://www.bloomberg.com/news/articles/2010-08-11/u-s-is-bankrupt-and-we-don-t-even-know-commentary-by-laurence-kotlikoff
Note: Registration required to access more than the first sentence or so of the article.
The question I always want answered is to whom is all that money owed? Which rich person had a cupboard full of $60 trillion that he was prepared to lend out.
Plan B: Why don't we tell him that we have no intention of paying him back? Problem solved!
A lot of that $60 trillion Elon Musk is talking about is unfunded liabilities including pensions, social security, and other government funding. A whole host of other countries have that same problem.
.......but why would they want to depopulate the globe of old people?
So they don't have to pay pensions.
...thank God it's all fake money....
So true!!!
I guess its a race to exceed world GDP.
They found $60 Trillion in debt thanks to Phase 6 of ISDA Initial Margin requirements
https://www.isda.org/countdown-to-phase-6-initial-margin/
Only God knows how much our debt is now. My estimate is $100 trillion.
We have 2.2 quadrillion in Derivatives. That should give you a clue.
That is primarily the banking system though it would not shock me if the federal government is caught up in that scam.