The conservative UAW guy has a breakdown of the national debt and the contingent liabilities of the federal government.
Congress recently passed a credit limit increase to 9.85 TRILLION dollars.
This on top of at least 30 TRILLION in unfunded social security and medicare expenses.
I'm often troubled by the media's lack of interest in the national debt issues. Often the debt is refered to in % of GDP, fixed dollars, etc.
But as an accountant, debt is relative to what you own.
For instance, no one (except a pay day check casher) would loan money to someone without a corresponding asset. For instance, you borrow $100,000 for a house, the bank wants at least $100,000 in collateral.
What collateral does the US government have? I've done lot's of internet searches and cannot find anything that estimates the value of assets the US government owns.
I know there's lots of real estate, oil and forestry reserves, gold, etc. But what's it all worth?
We've got to be getting close to that limit.
Just think of the day some repo guys are out on the tarmac hooking up Air Force One.