Depending on where you put the number on our total obligations, the United States would need the entire economic output of the entire plant for a more then a year (or two) to pay back out debt. Debt/deficit problem; what debt problem...
http://www.nationalreview.com/exchequer/246159/our-debt-more-all-money-world
"I have argued that the real national debt is about $130 trillion. Let’s say I’m being pessimistic. Forbes, in a 2008 article, came up with a lower number: $70 trillion. Let’s say the sunny optimists at Forbes got it right and I got it wrong.
For perspective: At the time that 2008 article was written, the entire supply of money in the world (“broad money,” i.e., global M3, meaning cash, consumer-account deposits, checkable accounts, CDs, long-term deposits, travelers’ checks, money-market funds, the whole enchilada) was estimated to be just under $60 trillion. Which is to say: The optimistic view is that our outstanding obligations amount to more than all of the money in the world."
Saturday, September 11, 2010
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