{"id":574736,"date":"2017-10-27T21:25:50","date_gmt":"2017-10-27T21:25:50","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=574736"},"modified":"2017-10-27T21:25:50","modified_gmt":"2017-10-27T21:25:50","slug":"revealed-americas-actual-debt-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=574736","title":{"rendered":"Revealed: America\u2019s Actual Debt"},"content":{"rendered":"
\"Where<\/a><\/div>\n

By Brian Maher<\/a><\/span> <\/p>\n

<\/div>\n

This post Revealed: America’s Actual Debt appeared first on Daily Reckoning.<\/p>\n

There is absolutely nothing wrong with America’s finances that a miracle couldn’t fix\u2026 as the great man said.<\/p>\n

Last year, the Congressional Budget Office’s crystal ball had the 2017 budget deficit in the mid-$500 billion range.<\/p>\n

The actual 2017 budget deficit?<\/p>\n

A somehow appropriate $666 billion \u2014 over $100 billion higher than estimated.<\/p>\n

At just under $4 trillion, this year’s budget wrote a new chapter in government extravagance.<\/p>\n

Next year’s budget will write another\u2026<\/p>\n

The House passed a $4 trillion 2018 budget yesterday.<\/p>\n

It was actually the Senate’s budget. The House passed it to clear the road for Trump’s tax plan.<\/p>\n

The entire affair is\u2026 complicated.<\/p>\n

CNBC draws the broad sketch:<\/p>\n

The House on Thursday narrowly approved a Senate version of the 2018 federal budget, clearing the way for the GOP-controlled Senate to pass a massive set of tax cuts later this year\u2026<\/p>\n

By passing the Senate version of the budget, House Republicans kick-started the reconciliation process, a window during which the Senate can pass legislation with only a simple majority instead of the 60-vote supermajority typically needed to end debate and move a bill to a vote.<\/p>\n

The Committee for a Responsible Federal Budget \u2014 no laughter please \u2014 estimates the tax plan could add more than $2.2 trillion to the $20 trillion national debt.<\/p>\n

The national debt, as a percentage of GDP, has nearly doubled over the past 17 years.<\/p>\n

For your viewing pleasure, CBO’s projected trajectory of the national debt as a percentage of GDP:<\/p>\n<\/p>\n

The greatest burglars of America’s fiscal future?<\/p>\n

Social Security, Medicare and Medicaid\u2026 with interest on the debt into the bargain.<\/p>\n

If you accept the CBO at its word, mandatory spending \u2014 including these budget-busters and a few others \u2014 will constitute 78% of federal spending by 2026.<\/p>\n

That leaves only 22 cents per dollar for education, science, transportation and a hundred other things\u2026 to say nothing of defense.<\/p>\n

On that note, we learned yesterday that Social Security spending exceeded $1 trillion this year for the first time ever \u2014 76% more than Uncle Samuel spent on defense (or offense).<\/p>\n

Former Treasury official Peter Fisher’s waggish observation gains current with each passing year:<\/p>\n

The federal government, says he, is a \u201cgigantic insurance company (with a sideline business in national defense and homeland security).\u201d<\/p>\n

Much truth is spoken in jest.<\/p>\n

With the spirit of doom upon us today, let us sink further into the mire\u2026<\/p>\n

According to no less an authority than the United States Treasury, projected tax revenues to fund Social Security and Medicare over the next 75 years fall $46.7 trillion short.<\/p>\n

\u201cUnfunded liabilities,\u201d they’re called.<\/p>\n

But even these $46.7 trillion of unfunded liabilities may tell a mere fraction of America’s true indebtedness\u2026<\/p>\n

Economist and Boston University professor Larry Kotlikoff says Social Security, Medicare and Medicaid aren’t fully accounted for in official number crunching.<\/p>\n

These accounting shell games mask the actual debt, says Kotlikoff.<\/p>\n

America’s actual debt?<\/p>\n

Over the next 75 years, this Cassandra projects America’s true debt at an intergalactic $210 trillion. <\/p>\n

Kotlikoff, with tears in his voice:<\/p>\n

We have all these unofficial debts \u2026read more<\/a> <\/p>\n

Source:: Daily Reckoning feed<\/a><\/p>\n

The post <\/a>Revealed: America’s Actual Debt<\/a> appeared first on Junior Mining Analyst<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Brian Maher This post Revealed: America’s Actual Debt appeared first on Daily Reckoning. There is absolutely nothing wrong with America’s finances that a miracle couldn’t fix\u2026 as the great man said. Last year, the Congressional Budget Office’s crystal ball had the 2017 budget deficit in the mid-$500 billion range. The actual 2017 budget deficit? […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/574736"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=574736"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/574736\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=574736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=574736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=574736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}