CHART SHOCK - The Real National Debt Is $202 Trillion

Graphing the national debt and unfunded liabilities thru 2009.  Dr. Kotlikoff, economics professor at Boston University, has the 2010 numbers below.

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Dr. Lawrence Kotlikoff - National debt truth teller...

Kotlikoff: "The U.S. is bankrupt and we don't even know it..."

Bloomberg Video:  Dr. Laurence Kotlikoff economics professor at Boston University, discusses the national debt and unfunded liabilities - Aug. 11, 2010

Using CBO data, Kotlikoff says the real national debt is $202 trillion.  

Compare the official deficit numbers for July - $165 billion - with the numbers for all of 2002 - where $165 billion covered the deficit for the entire fiscal year.

The Congressional Budget Office whose Long-Term Budget Outlook, released in June, shows an even larger problem - Unofficial Liabilities.

Based on the CBO’s data, I calculate a fiscal gap of $202 trillion, which is more than 15 times the official debt.  This gargantuan discrepancy between our “official” debt and our actual net indebtedness isn’t surprising.  It reflects what economists call the labeling problem. Congress has been very careful over the years to label most of its liabilities “unofficial” to keep them off the books and far in the future.

• Read the Bloomberg article here...

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How many different signatures can one robo-signer have..?...

Watch this very quick slideshow and find out...

• Anatomy of Foreclosure Fraud in Florida...

You will see several examples of ACTUAL fraudulent documents that were submitted by large, well known banks in court proceedings.

We're talking over the top, ridiculous fraud here - Fake people, fake signers, fake documents, false notaries, and EVEN fake banks...

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Spoiler ALERT -- Do not miss #7:

• 7 really big holes...

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And this one...

• The sights, sounds and beautiful women of Texas

Editor's Note - Fans of women's swimming (and high heel shoes) might want to make sure to see pic #4...

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More slideshows...

• 25 Excellent TSA Cartoons...

• Check Out The 11 U.S. States Most Likely To Default And Need A Taxpayer Bailout In The Next 5 Years

Pics from the Greek riots...

• PHOTOS - Petrol Bombs And Molotov Cocktails - Setting The Police On Fire In Greece

The Time Magazine Federal Reserve slideshow...It's all in here...Including photos of a teenage Bernanke playing the saxophone...Which by itself is worth its weight in gold...Umm, I mean worthless U.S. dollars...These are highly entertaining and informative pics....

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Comments

[DailyBail]

http://tech.mit.edu/V122/N50/spending-50.50w.html

Bush Administration Announces $159 Billion Deficit for Year 2002

[DailyBail]

Deficit in July Totals $165.04 Billion

http://online.wsj.com/article/SB10001424052748704901104575423601722830706.html

[HCG]

Even though, I would be more concerned about the lousy flat structured US economy, which thrives? on consumption of imported goods.

The Wall Street scam artists will move forward and will move more investments abroad - just read any news paper or listen to the news. Osama Bin Laden must be laughing in his grave.

[john]

I just happened to see this outfit advertised on MSNC this afternoon....

http://marquisjet-cards.com/?keyphrase=jet+card&lid=416748258&provider=google&c=416747763

Someone planning a hoilday trip? Pretty expensive gift I suppose.

[john]

CNBC.... Another dam typo...I wonder how the Comcast thing is going with GE? Personally I like Hydro Quebec speaking of dams.

[john]

What is your mil rate?

http://www.bostonherald.com/news/regional/view.bg?articleid=1303929&srvc=rss

[mike hunt]

BANKRUPTED ON PURPOSE!..NEW ORLEANS-KATRINA..ON PURPOSE...911..ON PURPOSE...GULF OIL HEMORRHAGE..ON PURPOSE..JFK..ON PURPOSE..RFK..ON PURPOSE..MLK..ON PURPOSE...I ACCUSE THE UNITED SNAKES AND ITS FASCIST CORPORATE CONTROLLED SENATE AND HOUSE OF REPTILES FOR THESE CONSPIRACIES..WE ARE NOT GOING AWAY..WE..THE AMERICAN PEOPLE WILL SEE ALL THESE CREATURES OF THE NIGHT HUNG BY PIANO WIRE IN THE NEAR FUTURE..BE WARNED..BE AFRAID..WE ARE COMING FOR YOU..NO MERSEY FOR YOU..

[mike hunt]

AND DO NOT FORGIVE THEM FATHER..FOR THEY SURE AS HELL KNEW WHAT THEY DID..DESTROYED A ONCE GREAT REPUBLIC..I CAN SEE OUR FOUNDING FATHERS ROLLING IN THEIR GRAVES..AND NOT VERY HAPPY..

[TR]

Mike Hunt,
When this is over,we can tell those who knew what they were doing to:LAY THERE & BLEED.

[john]

http://market-ticker.org/akcs-www?post=175337

[john]

Here are a few interesting sites.

http://www.structuredfinancenews.com/

http://www.hedgefund.net/hfn_public/default.aspx?

http://www.imfpubs.com/

Lots of good up to date articles.

[mannfm11]

You lost me at the start of this. I have thought about the trust funds for a long time. There is no use for them other than theft of the funds. When the time comes to pay out of the funds, the funds will have to be there for the future liabilities. Thus the real costs can only be funded pay as you go. Is there anyone out there who can tell you that when lets say 2030 gets here, and X is required to be in the fund, that when 2050 gets here it won't be X+something, then 2060 X+something + something? Who insurance game is a bunch of crap structured so who runs the plan never has to give the money back. They just keep it. The authors of these studies are CONS or illogical dupes. Do you have a fund for all the food people are going to eat for the next 30 years? If you do and you have to fund 30 years ahead, when are you going to draw out of the fund? Never. The whole idea is a fraud. Privatize is a fraud too, for Wall Street to get the damn money.

[john]

I would rather have a real scientist talk economics than an economist talking science......

http://impactglassman.blogspot.com/2010/12/feds-stupendous-crimes-against-american.html

[josie]

Maybe Bubble-Head Burnett would have Prof. Kotlikoff on CNBC-Ya! for a different point of view? Yesterday, she had some guy on named Kessler spewing forth on how the US of A is not bankrupt, but is really rich...something about citizens net worth, blah, blah blah. Liesman almost had an orgasm on set...

[bite me]

Not my debt, not my problem.