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The Outstanding Public Debt as of 13 May 2009 at 03:26:08 AM GMT is:
$ 1 1 , 2 6 5 , 1 2 9 , 8 1 1 , 2 7 0 . 3 8
The estimated population of the United States is 306,171,345
so each citizen's share of this debt is $36,793.55.
The National Debt has continued to increase an average of
$3.81 billion per day since September 28, 2007!
How exactly does this $56.4 trillion bill add up? First, there are the federal government's known liabilities that it is legally obliged to fulfill. These include publicly held debt, military and civilian pensions and retiree health benefits. As of September 30, 2008, these liabilities added up to $13.5 trillion.
Then there are various commitments and contingencies – i.e., contractual requirements that the government is expected to fulfill when, and if specified conditions are met. These include federal insurance payouts, loan guarantees, and leases. As of September 30, 2008, they added up to $1.4 trillion.
So where does the remaining $43 trillion or so come from? That's what the government has promised to pay in Social Security and Medicare benefits in excess of related revenues. As of January 1, 2008, current and promised future Social Security benefits amounted to $6.6 trillion. And between Medicare's three programs (hospital insurance, outpatient, and prescription drug), current and future promised Medicare benefits amounted to $36.3 trillion.
Who says so? The President of the Dallas Federal Reserve, Richard W. Fisher. In a May speech at the Commonwealth Club of California, he states that the US national debt is close to $100 trillion. You can read his whole speech at the Federal Reserve web site.
Originally posted by Tentickles
So, do you have 1.3 Million dollars sitting around to help pay this off?
Originally posted by tiso_us
What......100T, no problem, with a little bit of printer ink and paper, I'll have my share of Monopoly money.
Originally posted by weedwhacker
There is a thread somewhere about the Top Secret US 'Black' military expenditures averaging about US$1.7T per year. Money unaccounted for.
There is another thread on ATS about an accounting error that has 'mis-placed' US$9T.
Seems like a pattern....