The break out:
$9.7 Trillion in bailouts
$11 Trillion in national debt
$17 Trillion in corporate/financial debt, and $13.8 Trillion in household debt
$1 Trillion in credit card debt
$10.5 Trillion in mortgages
$52 Trillion in social security/medicare obligations
Like other government trust funds (highway, unemployment insurance and so forth), the Social Security and Medicare Trust Funds exist purely for accounting purposes: to keep track of surpluses and deficits in the inflow and outflow of money. The accumulated Social Security surplus actually consists of paper certificates (non-negotiable bonds) kept in a filing cabinet in a government office in West Virginia. These bonds cannot be sold on Wall Street or to foreign investors. They can only be returned to the Treasury. In essence, they are little more than IOUs the government writes to itself.
$200 Trillion in U.S. bank derivatives (notional)
Total excluding derivatives: $115 Trillion
Total including derivatives: $315 Trillion
In budgetary context:
$2.3 Trillion budget deficit this year, $10 Trillion in the next 10 years.
In the context of the consumer balance sheet:
$20.5 Trillion of residential real estate
$8.8 Trillion of equities
$7.7 Trillion of deposits and cash
$4.1 Trillion of consumer durable goods
$1.6 Trillion of corporate bonds
$960 Billion of municipal securities
$920 Billion of agency paper
$273 Billion of treasury notes and bonds
Total: $44.9 Trillion
Source
Clarifying Economists' Arguments About International Trade
-
Bob discusses common talking points that pro-free-trade economists often
use when making the case against tariffs.
7 hours ago
No comments:
Post a Comment