Some Random Facts for Your Consideration

thin on the ground of late

GNP of The Entire World: — $69.97 Trillion US dollars at current prices
Data from World Bank Last updated: Oct 31, 2012

Estimates of the US National Debt vary:

$15.96 trillion national debt (more than 100% of [US] GDP), and the 2012 budget deficit of $1.1 trillion (6.97% of [US] GDP)*

Current US debt: $16 trillion
to be more exact: $16,377,162,566,535 [@ 12/9/12 - 16:19:25GMT]
$52,153.21 per citizen
increasing an average of $3.88 billion per day since September 28, 2007

Estimates of the US unfunded liabilities of Social Security and Medicaid / Medicare also vary:

$122,100,000,000,000. – US unfunded liabilities by Dec 31, 2012 with a some nifty graphics to help visualization]

$86.8 trillion, or 550% of GDP. For the year ending Dec. 31, 2011 [including] Medicare – $42.8 trillion.
Social Security – $20.5 trillion*

Where’s that gonna come from?

According to the most recent tax data, all individuals filing tax returns in America and earning more than $66,193 per year have a total adjusted gross income of $5.1 trillion.

Here’s a little interactive tax calculator from the Tax Foundation where you can see comparisons between 2011 and the potential “Fiscal Cliff” rates and other scenarios: Tax Calculator

Play with it a little… See if you think the increased taxes on the 1.7% of households that make over $250,000 will fill that debt gap. [keeping in mind that the top 10% of earners already pay 71% of Income Taxes while earning 43 percent of all income *]

Finish your assignment! »

I think *some body* is trying to fool *someone* around here…

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17 Comments!

  1. Buzz
    Posted December 9, 2012 at 10:57 am |

    Doncha know that one percenters provide magical, exponentially amplified, unending tax revenues once they’re burned at the stake?

    Jamie Foxx’s lord and savior says it’s true, so it has to be true.

  2. dick, not quite dead white guy
    Posted December 9, 2012 at 11:54 am |

    I think *some body* is trying to fool *someone* around here…
    Got that right Claire.
    I think somebodies think we’re stupid and can’t do arithmetic.
    While that’s prolly true for any American who graduated high school in the past 20 years or came here illegally, it’s not for most Americans, many of whom have risen above arithmetic and can actually do some math, yannow, percents and future values and stuff.

    $1,200 billion+ debt increase per year, and $450 billion+ per year interest payment on the debt says collecting another $80 billion or Uhbama’s $160 billion per year, or even taking everything the (pick your percent) make every year is a spit in the ocean.

    Until somebodies get serious, I mean break your-heart-piss-off-most-of-the-country serious, about cutting spending, any talk is a Kabuki dance.
    Ed. note: After the initial shock of massive spending cuts, including heavily chopping of Fed agency budgets, regulations and personnel layoffs, tax revenues would increase. (hint hint) Nevermind, I’m shouting into an empty room, pissing into the wind; I’m slouching back to my bunker now.
    Claire – you should be a columnist for NYT and save that rag’s vanishing circulation.

  3. Stick
    Posted December 9, 2012 at 11:55 am |

    It’s the spending stupid.

    *True, but irrelevant Obamaville

  4. geezerette
    Posted December 9, 2012 at 12:06 pm |

    Somebody has already fooled the fools.

  5. Posted December 9, 2012 at 3:07 pm |

    Claire: Thank you for everything you do, but my eyes glazed-over after the first sentence.

    Let’s shoot something!

  6. Posted December 9, 2012 at 3:08 pm |

    ^ I didnunt say that.

  7. Merovign
    Posted December 9, 2012 at 3:09 pm |

    Yeah, barring the discovery of magic or the arrival of beneficent aliens, that slow-motion tidal wave is going to hit, and these standard-issue soup spoons are not going to stop it.

    I have no idea what to do about it at this point, even if it wasn’t for the Free Shit Army. Math is a stone-cold bitch.

  8. Colonel Jerry USMC
    Posted December 9, 2012 at 4:21 pm |

    As Rush always says, “Paying off our debt is impossible!”

  9. Jess
    Posted December 9, 2012 at 5:03 pm |

    Let’s see: We can’t pay our debt and our debtors have more determination in their little fingers than over 75% of the U.S. population?

    A less optimistic person would think we’re screwed. A more optimistic person would be accumulating ammunition.

  10. geezerette
    Posted December 9, 2012 at 5:30 pm |

    ^^#9 and stuffing their mattresses with what ever they have left. I said b/4 we went over the cliff 4 years ago and there is no bottom.

  11. Colonel Jerry USMC
    Posted December 9, 2012 at 7:06 pm |

    They can`t take your money until they, first, take your ammunition………………..

  12. JoeBandMember
    Posted December 9, 2012 at 7:41 pm |

    While we as a country were asleep, we were screwed, blued and tattooed by both parties.

    Watch as Boehner bends over for Obama, and the Republicans villify anyone who tried to invoke the Constitution, just like the Democrats have.

    The John Birchers were right all along.

  13. JoeBandMember
    Posted December 9, 2012 at 7:46 pm |

    Neither party gives a shit about The Constitution or Bill Of Rights.

    The only thing that stands a chance of turning things around is a population armed to the teeth.

    And half of us will trade our guns for food.

  14. Freddie Sykes
    Posted December 9, 2012 at 11:36 pm |

    The bad news: our monetary system is unsustainable.

    The good news: money is the artificial means we use to measure wealth. It is made so by government fiat. Our wealth will remain after our fiscal construct collapses.

    There will be pain during the transition but that too shall pass.

  15. Posted December 10, 2012 at 6:39 am |

    Sykes is right. Britail has inflated away 99% of the pound’s value since 1914, we’ve done 90% of the dollar’s since 1945. It’s just that this debt monetaization will be even faster. Debt, bond and cash holders will be screwed, fixed private income people will go on welfare, but we won’t die.

    On recent years Russia, Argentina, and Mexico have gone through currency collapses without widespread unrest. We will too.

    If I were China, I’d be buying any non- U. S. fixed asset I could. Like Iowa or Kansas.

  16. JoeBandMember™
    Posted December 10, 2012 at 8:38 am |

    Consider, if you will, the way this country has nationalized corporate risk, under the approval of both parties, while corporate profit remains private.

    Which “too big to fail” corporation will the middle class be forced to bail out next?

  17. TheOldMan
    Posted December 10, 2012 at 4:27 pm |

    I have a long list of Federal agencies and departments that must be jettisoned.