Monday, December 20, 2010

Scary US Debt Clock

This is an interesting site that shows how US debt is exploding along with the entitlements of SS and Medicare. After taking some time to look at this there should be no doubt where the US is headed. The bankruptcy and decline of the US is now a when event not an if event.

From ZeroHedge:

If anyone thought that $14 trillion in 2010 debt is bad, just wait until we hit $24.5 trillion in total US national debt in 2015. And it gets even more surreal: total US Unfunded Liabilities are estimated at $144 trillion, roughly $1.2 million per taxpayer... Was that a pin dropping?

As Zero Hedge has long been predicting, we anticipate roughly $2 trillion in incremental debt per year. Surprisingly we are not far too off from where the "debt clock" sees US leverage in 5 years. At an estimated $24.5 trillion in federal debt, our $2 trillion per year run rate is spot on. Another thing that is spot on: our prediction that the US will need not one but two debt ceiling increases in 2011. And probably 6-8 over the next 5 years.

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