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View Full Version : James Grant says, "You Own $42,998.12" in Time


classhandicapper
04-23-2016, 11:15 AM
http://time.com/4293549/james-grant-united-states-debt/

Clocker
04-23-2016, 11:43 AM
http://time.com/4293549/james-grant-united-states-debt/

Not exactly.

In a shocking admission for most of mainstream America, the former U.S. comptroller general says the real U.S. debt is closer to about $65 trillion than the oft-cited figure of $18 trillion, thanks to unfunded liabilities which simply cannot be ignored. As The Hill reports, unless economic growth accelerates, he warns, "you’re not going to be able to provide the kind of social safety net that we need in this country," adding unequivocially that Americans have "lost touch with reality" when it comes to spending.

http://www.zerohedge.com/news/2015-11-08/us-debt-3-times-more-you-think-former-chief-us-accountant-warns-americans-have-lost-

classhandicapper
04-23-2016, 12:06 PM
Not exactly.



http://www.zerohedge.com/news/2015-11-08/us-debt-3-times-more-you-think-former-chief-us-accountant-warns-americans-have-lost-

I agree with you, but he was writing for a liberal magazine. The left went insane over this article even though it was dealing with certainties. You can't expect them to deal with the appropriate theoretical accounting. :lol:

(zerohedge is a great twitter follow)

boxcar
04-23-2016, 05:46 PM
Not exactly.



http://www.zerohedge.com/news/2015-11-08/us-debt-3-times-more-you-think-former-chief-us-accountant-warns-americans-have-lost-

Americans have not lost touch with spending. Liberals have!

Clocker
04-23-2016, 05:54 PM
Americans have not lost touch with spending. Liberals have!

The folks on the right side of the aisle aren't far behind. If the Democrats want to increase the budget next year by 10% and the GOP holds the increase to 5%, the Republicans call that a spending cut. :faint:

Track Collector
04-23-2016, 07:54 PM
Any serious efforts to address the debt needs to start with Base Line Budgeting.

Tom
04-23-2016, 08:10 PM
The folks on the right side of the aisle aren't far behind. If the Democrats want to increase the budget next year by 10% and the GOP holds the increase to 5%, the Republicans call that a spending cut. :faint:

And then vote themselves a raise for doing such a great job. :bang:

Tom
04-23-2016, 08:13 PM
The way to do a budget is take everything off the table. Everything.
Then decide on the total budget.

Then, debate to justify every single item that goes into the budget.
When yo hit the total,, the budget is done - anything not in is gone.....oh, wait a minute, that makes sense. What am I thinking? DC has a shield over it that filters out common sense.

MY bad.

Shemp Howard
04-24-2016, 07:16 AM
I don't own it, the 1% do.

It's the price they'll have to pay to keep their Park Avenue condo and Hampton's cottage.