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Old 08-10-2012, 12:13 PM
 
1,139 posts, read 2,734,791 times
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Link: U.S. Government Debt Grows $10 Million a Minute: David Walker | Daily Ticker - Yahoo! Finance

Quote:
David Walker, former U.S. Comptroller and CEO of the Comeback America Initiative, rejects the $15.9 trillion debt calculation. According to Walker, the U.S. government owes $70 trillion 77 percent more than the publicly stated amount and the national debt grows at a rate of $10 million a minute. He counts all unfunded Social Security, Medicare and retiree pension promises in his calculation.
Unbelievable - pretty soon we will have to declare bankruptcy!!
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Old 08-10-2012, 12:31 PM
 
17,752 posts, read 15,053,616 times
Reputation: 6377
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Old 08-10-2012, 01:56 PM
 
Location: The Triad (NC)
26,919 posts, read 58,068,998 times
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The national debt is $14 trillion. That is a lot of money. Even a trillion is a lot of money.
You could win trillions of bar bets by asking: How long would it take to count to a trillion?


How much is a trillion?
It's not easy to understand large numbers like billions and trillions, yet we hear about them
all the time when people are discussing the economy.


What would happen if you tried to count to one trillion out loud?
Assuming five syllables per second and accounting for the fact that larger numbers have
more syllables, I came up with an estimate.


Counting to 10 will take two seconds. You will reach a hundred in about one minute.
After 18 minutes you will hit a thousand. To get to a million takes 700 hours.


Now we're getting to the point where the time is getting too large to easily comprehend.
Let's make counting a full-time job of eight hours a day, five days a week, 50 weeks a year.
Counting to a million would take about 18 weeks, or from January to the first week in May.

To reach 10 million would require four years of counting.
If you started young and retired after 48 years of counting, you'd be at 100 million.


To continue we're going to need new counters to carry on the project.
If we employ each person for 50 years, we'll need a succession of 10 more people
for a total of 11 lifetimes just to count to a billion.


Archaeologists believe the human race invented counting about 50,000 years ago.
Counting to a trillion would take 15 times longer than that.






Jay Hancock Baltimore Sun (May 4, 2011)
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Old 08-10-2012, 10:31 PM
 
1,730 posts, read 1,628,419 times
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Quote:
Originally Posted by Tampaite View Post
Unbelievable - pretty soon we will have to declare bankruptcy!!
Default, to be correct. And yes, it may very well be inevitable already - hard to say really where's the point of no return.
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Old 08-10-2012, 11:55 PM
 
17,752 posts, read 15,053,616 times
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Quote:
Originally Posted by russiaonline View Post
Default, to be correct. And yes, it may very well be inevitable already - hard to say really where's the point of no return.
Explain how any country can default in its own fiat currency.
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Old 08-11-2012, 07:14 AM
 
1,730 posts, read 1,628,419 times
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Quote:
Originally Posted by gwynedd1 View Post
Explain how any country can default in its own fiat currency.
Google what technical default is.
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Old 08-11-2012, 07:16 AM
 
Location: Atlanta & NYC
6,621 posts, read 11,199,042 times
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The US government is a joke.
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Old 08-11-2012, 10:31 AM
 
17,752 posts, read 15,053,616 times
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Quote:
Originally Posted by russiaonline View Post
Google what technical default is.


I don't recall the US agreeing to any other terms than to give you dollars at the maturity date. Would you like to try again?
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Old 08-11-2012, 10:32 AM
 
17,752 posts, read 15,053,616 times
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Quote:
Originally Posted by ja1myn View Post
The US government is a joke.
The citizens get da guberment they deserve.
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Old 08-11-2012, 10:33 AM
 
Location: Arizona
3,647 posts, read 5,315,580 times
Reputation: 2229
Quote:
Originally Posted by ja1myn View Post
The US government is a joke.
That's putting it nicely lol
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