The federal government’s debt of $210 trillion, made primarily from the failure to set aside funds for social security and Medicare, is more than two times greater than all of the personal wealth of all Americans combined. The federal government’s debt is 11 times greater than the debt of a country in bankruptcy. And the federal government’s debt is more than 20 times greater than the mortgage debt on every American home.
The Democratic Party, led by the progressive Big Media, whose signature legislation is social security and Medicare, has bankrupted the wealthiest country in the history of the world. The “social justice” initiatives of President Roosevelt and Johnson will end in the greatest financial crisis. The Roosevelt-Johnson global depression will spread poverty misery and violence far and wide.
Socialism bankrupts host countries. America is going to learn the hard way and the world will be forced to go with us for a very long ride. Big Media will bury the story until the cities are burning.
Sources & Notes:
- Federal debt: the fiscal gap = $210 Trillion. 1. “total government indebtedness”. America’s Hidden Credit Card Bill, July 31, 2014, Laurence Kotlikoff, New York Times. 2. The present value of the total amount by which future federal expenses exceed federal revenues. See “America’s Fiscal Insolvency and Its Generational Consequences, Testimony to the Senate Budget Committee.” Laurence J. Kotlikoff, Professor of Economics, Boston University, Feb 25, 2015.
- Total wealth all Americans: $88.087 Trillion. Household Net Worth. Federal Reserve Statistical Release. June 9, 2016. Rounded to $90 trillion.
- Total home mortgage debt: $9.994 Trillion. Federal Reserve Statistical Release. June 9, 2016. Rounded to $10 Trillion.
- “two times greater than all of the personal wealth of all Americans”: $210 trillion federal debt / 90 trillion total wealth = 2.3 – rounded down 2.
- “11 times greater than a country in bankruptcy”: Assuming a country has reached the sustainable limit of debt when debt equals 100% of GDP. $210 trillion debt / $18.2 trillion GDP = Debt 11.5 times greater than GDP. Rounded down to 11. Loosely based on “This Time is Different” by Carmen Reinhardt and Kenneth Rogoff.
- “more than 20 times greater than the mortgage debt on every American home.” $210 trillion federal debt / $10 trillion total home mortgage debt = 21 times. Rounded down to 20.