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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: Kenneth E. Phillipps who wrote (79587)2/19/2010 8:51:37 AM
From: JakeStraw3 Recommendations  Read Replies (1) of 224757
 
Total gross U.S. debt is now $50 trillion or 12 times the nation's total gross income, according to Ortel, whose debt calculation excludes unfunded mandates such as Social Security and Medicaid but does include corporate debt which he says are "potentially eligible for bailouts."

Furthermore, Ortel says the Federal Reserve overestimates U.S. household net worth, because most of the "asset" side of the ledger is based on real estate valuations he says are overinflated.

"A strict, hard look at the national net worth statement will tell you that our assets are lower than you think and our debt is higher than you think," he says.
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