The United States Of Debt: Total US Debt Hits New Record High Of Nearly 60 Trillion Dollars!

Total DebtWhat would you say if I told you that Americans are nearly 60 TRILLION dollars in debt?  Well, it is true.  When you total up all forms of debt including government debt, business debt, mortgage debt and consumer debt, we are 59.4 trillion dollars in debt.  That is an amount of money so large that it is difficult to describe it with words.  For example, if you were alive when Jesus Christ was born and you had spent 80 million dollars every single day since then, you still would not have spent 59.4 trillion dollars by now.  And most of this debt has been accumulated in recent decades.  If you go back 40 years ago, total debt in America was sitting at about 2.2 trillion dollars.
Somehow over the past four decades we have allowed the total amount of debt in the United States to get approximately 27 times larger.  This is utter insanity, and anyone that thinks this is sustainable is completely deluded.
We are living in the greatest debt bubble of all time, and there is no way that this is going to end well.
Just check out the chart…
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Boston Univ. Economics Professor: US is in Worse Shape Than Detroit, Real Debt is $205 Trillion!

Image: Dees Illustrations

Image: Dees Illustrations

Laurence Kotlikoff Author and Professor of Economics at Boston University joins the SGTReport to discuss the fact that the REAL DEBT of the U.S. government is now $205 TRILLION when unfunded liabilities are actually counted.
Kotlikoff warns, “We have a country that is entirely broke, fiscally broke – it’s probably in worse shape than any developed country. We are in terrible shape, even worse than Detroit because the people doing the accounting are engaged in fallacious accounting…[Read more...]

Why John Boehner And Paul Ryan Should Resign Immediately

U.S. Capitol - Photo by Lance CheungThe federal government is literally destroying the future of America, and what we are doing to our children and our grandchildren is beyond criminal.  If there was one thing that the Republicans in Congress were supposed to do, it was to do something about all of this debt.  These days Republicans can’t seem to agree on much, but the one issue that virtually all “conservatives” were supposed to agree on was the national debt.  The American people gave the Republicans control of the House in 2010 and 2012 for a reason.  Unfortunately, nothing has been done.  Our debt has continued to spiral out of control and now John Boehner and Paul Ryan are pushing a “budget deal” that will essentially give the free-spending Democrats virtually everything that they want for the next 10 years.  That is why John Boehner and Paul Ryan should immediately resign. [Read more...]

China & Japan Buying Treasuries Again?

Which countries added US Treasuries in the month of September?Both China and Japan added a substantial amount of US Treasuries in September, according to the latest TIC-data released by the Federal Reserve on Monday. The total foreign holdings of US debt increased as well in September, ending a five-month selling spree of US debt. Compared to August, foreign countries added a net amount of $64,1 billion in US Treasuries to their reserves. The two largest buyers were China and Japan with net purchases of $25,7 and $29 billion respectively. [Read more...]

Another One Trillion Dollars ($1,000,000,000,000) In Debt

Did you know that the U.S. national debt has increased by more than a trillion dollars in just over 12 months?  On September 30th, 2012 the U.S. national debt was sitting at $16,066,241,407,385.89.  Today, it is up to $17,075,590,107,963.57.  These numbers come directly from official U.S. government websites and can easily be verified.  For a long time the national debt was stuck at just less than 16.7 trillion dollars because of the debt ceiling fight, but now that the debt ceiling crisis has been delayed for a few months the national debt is soaring once again.  In fact, just one day after the deal in Congress was reached, the U.S. national debt rose by an astounding 328 billion dollarsIn the blink of an eye we shattered the 17 trillion dollar mark with no end in sight.  We are stealing about $100,000,000 from our children and our grandchildren every single hour of every single day.  This goes on 24 hours a day, month after month, year after year without any interruption.
Over the past five years, the U.S. government has been on the greatest debt binge in history.
The U.S. national debt is now 37 times larger than it was 40 years ago, and we are on pace to accumulate more new debt under the 8 years of the Obama administration than we did under all of the other presidents in U.S. history combined.
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Bernanke is Playing With Fire, Says Laurence Kotlikoff: The Real U.S. Debt = $222 TRILLION!

Boston University Economics Professor Laurence Kotlikoff is worried about America’s dire financial situation. Dr. Kotlikoff says, “The situation is getting worse and worse and worse. We are running a massive six decade Ponzi scheme, and it’s coming to a real threatening point.” Dr.Kotlikoff calculates the real government deficit is enormous and it’s growing exponentially.

It’s $222 trillion. Last year it was $211 trillion. We grew the deficit by $11 trillion in one year,” charges Dr. Kotlikoff. He also says, “We are actually in worse shape than any developed country. . . We are using accounting that would make Bernie Madoff blush.” Kotlikoff thinks the Federal Reserve could easily lose complete control of inflation and warns, “Ben Bernanke is playing with fire here because we could have a tripling of the price level.” Join Greg Hunter as he goes One-on-One with Economist Laurence Kotlikoff. [Read more...]

Rick Santelli: “We can’t afford our bills any more… $100 Trillion dollars of unfunded liability… The FED doesn’t have a clue.”

The only CNBC commentator who does have a clue, Rick Santelli, gave another epic rant this morning concerning the fiscal cliff, Federal debt and unfunded liabilities, and the Fed Santelli, sounding like James Grant or Tyler Durden, stated the true fiscal cliff is the $100 Trillion in unfunded liabilities, and stated that The Fed doesn’t have a clue.

Santelli’s full rant below: [Read more...]

Chart of the Day: US Per Capita Debt Now 35% Higher Than Greece

For over a year we have maintained here at SD that as the gov’t debt crisis accelerates and reaches the end game, the PIIGS will become F UK US PIIGS as France, the UK, and finally the US reach a solvency/ debt crisis on the same stage currently experienced by the southern European nations such as Greece.

Today’s Chart of the Day vividly drives this point home, as US per person debt is now an astonishing $53,378- a full 35% higher than that of Greece. [Read more...]