Video Perspective on total U.S. debt

More Hyscience Aug 1, 2011, 8:58 pm

Duquesne University economics Professor Antony Davies has released a video which illustrates the size of the U.S. federal government’s debt and unfunded obligations (numbers are as of February 2011):

As pointed out in the video, the total debt of unfunded obligations — the total amount of money the federal government has borrowed or has promised to pay other people — is $65 trillion, an amount far greater than the economic output of the entire planet.

Prof. Davies explains that the unfunded social security and Medicare obligations are, in essence, an amount of money that the federal government has promised but does not have the money to pay for.

However, despite these facts, the Democrats have not been deterred from pushing for tax hikes as a major contributor to cutting the budget deficits (which would destroy what’s left of the economy and job creation) and doing everything possible to resist genuine entitlement reforms, refusing to cut and cap our spending, and refusing to pass a balancing budget amendment with meaningful effects. On the other hand, the Republican majority in the House of Representatives pushed for cut, cap, and balance, and insisted on, at the very least, commensurate spending cuts for any rise in the debt ceiling. Neither the Democrats nor the Republicans have put forth any plan that would genuinely reduce the debt … only plans that would slow down the spending on a moving baseline.

For more details on the total Federal debt, start on slide 35 of this PowerPoint presentation.

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  • Description: Duquesne University economics Professor Antony Davies has released a video which illustrates the size of the U.S. federal government’s debt and unfunded obligations (numbers are as of February 2011): As pointed out in the video, the total debt of unfunded obligations — the total amount of money the federal government has borrowed or has promised to pay other people — is $65 trillion, an amount far greater than the economic