Venango County Tea Party Patriots

A non-partisan, non-profit, non-member, association dedicated to educating the public and promoting the principles of fiscal responsibility, constitutionally limited government and free market economics, and all other lawful activities.

national debt

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US Debt For Each Baby Born the Year Obama Took Office

Under President Barack Obama, the total debt of the U.S. government has increased by approximately $1,608,304 for each of the 4,130,665 babies born in the United States in 2009, the year Obama took office. – See more at: http://cnsnews.com/news/article/terence-p-jeffrey/us-debt-1608304-each-baby-born-year-obama-took-office#sthash.CVbkLpru.dpuf

If the federal government were to continue accumulating net debt throughout the expected 78.5-year lifespan of a baby born in 2009 at the same average annual pace it has accumulated net debt during Obama’s first five years as president, the government would add more than $104 trillion in net debt during the life expectancy of those babies.

So far during Obama’s presidency, the federal government has borrowed a net total of $6,643,363,305,451.78. That works out to an average of approximately $1,328,672,661,090 per year, or $104,300,803,895,565 over 78.5 years.

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Aging Population May Fuel Death Panels Under Obamacare

Sarah Palin’s now-famous death panels claim seems to have had much of the whole world laughing at one point or another, but if University of California – San Diego economics professor James Hamilton is correct, remnants of that laughter may soon be much harder to find.

Hamilton crunched the numbers and concluded that the federal government is drastically underestimating our national debt at $16.9 trillion. The true debt, says Hamilton, is almost four times that amount – a staggering $70 trillion.

According to Hamilton, the government’s tortuous route to the lower figure is paved primarily by ignoring a multitude of unfunded government liabilities including loan guarantees, deposit insurance and actions taken by the Federal Reserve. But the largest federal liabilities lie in the “fiscal stress that will come in the form of an aging population and rising medical expenditures,” says Hamilton.

Fox News reports that David Walker, a former U.S. Comptroller, has made similar claims in the past, including Social Security, Medicare and retiree pensions as additional unfunded liabilities not making it onto the government’s balance sheet liabilities.

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Economists Says US Debt is Really $70 Trillion

The federal government has been low-balling the public for years on how much debt it actually has, a University of California, San Diego economics professor says, adding that the real amount is $70 trillion – not $16.9 trillion.

James Hamilton’s claim the United States is in a much deeper financial hole than many realize comes as Congress gets ready for another budget battle when lawmakers return in September. Both sides have been digging in on their policy positions over the debt, spending and the country’s future fiscal health.

Hamilton believes the government is miscalculating what it owes by leaving out certain unfunded liabilities that include government loan guarantees, deposit insurance, and actions taken by the Federal Reserve as well as the cost of other government trust funds. Factoring in those figures brings the total amount the government owes to a staggering $70 trillion, he says.

Hamilton believes important areas of federal off-balance-sheet commitments include loans for post-high school education, the Federal Deposit Insurance Corporation and the Federal Reserve System.

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