Guess What? The Debt Everyone Is Freaking Out About Does Not Exist

The actual truth is that the debt everyone’s freaking out about does not exist. Some of the debt certainly exists, like the roughly $11.6 trillion  owed to foreign and private creditors. But that isn’t the debt anyone’s worried about. ... the debt as it stands would pose essentially zero threat to the country’s fiscal health...

So the debt that’s got everyone worried is the part we haven’t yet incurred. And that debt...

it’s merely a projection by the Congressional Budget Office. And trying to model how the federal budget, not to mention the entire American economy, will behave years or even decades in the future is a devilishly treacherous business.

In 1995, CBO  predicted the deficit in 2000 would be well over $200 billion. We  ran a surplus of $236 billion.

Tags: debt projection, fiscal cliff

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Replies to This Discussion

Which term two months ago most accurately described the case: fiscal cliff, fiscal slope, etc, etc, etc?

Not dubious: the media's talking heads freaked out and their doing so attracted viewers.

Dubious: whether the sources now are lying, their identities, and most importantly their interests.

Years ago I heard an economics professor say the debt didn't concern him because "we owe it to each other" when in truth most of us owed it to a few of us. Most in the class loudly booed him.

Remember:

1) A Demo administration lied us into a war in Viet Nam and a few of us profited,

2) A Repub administration lied us into a war in Iraq and a few of us profited, and

3) Our blue-green algae/cyanobacteria/pond scum ancestors ate their neighbors without guilt and we resulted.

And so I ask, "The evidence?"

Will the now-forming organization, The Can Kicks Back, survive? Google it.

LOL Anti-immigrant conservatives weren't anticipating this result of their maneuvering.

Looming Cuts Spur Release of Illegal Immigrants

In a highly unusual move, federal immigration officials have released hundreds of detainees from immigration detention centers around the country in an effort to save money as automatic budget cuts loom in Washington, officials said.

The government has not dropped the deportation cases against the immigrants, however: The detainees have been freed on supervised release while their cases continue in court, officials said.


You expect them to just show up to be railroaded and deported. Good luck with that.

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