Image source: standupforamerica.com
Politicians and the media talk about the $17 trillion debt the US Government owes to creditors. They are lying, the $17 trillion is a fraction of what america owes. The real figure is $200 trillion. And the loonytoons economics of the Obama administration and the dimwit economic advisers they have hired from Harvard Business School are driving that up at an accelerating rate.
The $17 trillion is not the total government debt, it is the national Debt, i.e. what the government owes the American people. The figure represents the value of US Treasury bonds issued over the years by various administrations and bought in by the Federal Reserve, the central bank of the USA, either as stimulus money (Quantitative Easing) or to prop up the US dollar when it was under pressure due to weak economic performance or international crises.
Several prominent economists have recently spoken out about how this $16.7 trillion figure is used to misdirect discussion about the US economy and conceal the true situation. Dr Laurence Kotlikoff , professor of economics at Boston University and a research associate at the National Bureau of Economic Research, was recently interviewed by the Financial Sense Newshour about the true state of fiscal affairs in the nation that likes to boast it has the world's most powerful economy. He has recently revealed how the government uses creative accounting to hide from the public just how bad a financial mess the USA is in. Dr. Kotlikoff estimates the US actual debt-load, at $205 trillion versus the $17 trillion you often here in the news.
Read more on Laurence Kotlikoff's analysis of the USA hidden debt problem
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