When people think of debt they think of the National Debt but it pales in comparison when all the debts owed by the country are included into the equation and the multi-trillion dollar debt becomes much larger and into the 100's of trillions. The real debt figures include what they call "Unfunded Liabilities". These liabilities (debts) include: Medicare, Social Security, and other programs.
When the debt equation is calculated the real debt is over 200 trillion dollars not just 15-17 trillion they quote as the "national debt". The "unfunded" debt obligations (SS/Medicare/ect) and "funded" obligations (National Debt) total over 200+ trillion. When you start to add up these numbers of what the US produces there's obviously no way to fund all the liabilities. Without the borrowing the US would become a 3rd world country overnight. 1 trillion is 1 thousand billion dollars - just imagine how many people you can feed with 1000 billion dollars or what you could do with +200,000 billion dollars (the real debt in the US)!!!
Some people argue the 200+ trill. figure - but no one can refute the debts are above 100+ trill. which is still alot of apples. Medicare debt obligations alone is estimated to be around $25 trillion (some argue this is higher) which is more than the entire national debt. Social Security is $20+ trillion (also more than the national debt itself).
I've read from various sources that the unfunded debts are from $117 trillion to $211 trillion and always these figures are above 100 trillion from any respectable source. Perhaps the most repected source is this site: usdebtclock.org.
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by Neal Vanderstelt
Self-Proclaimed Economist
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External links - related articles:
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$24.5 Trillion In US National Debt, $144 Trillion In Unfunded Liabilities
34 Shocking Facts About U.S. Debt
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