U.S. sovereign debt iceberg
The United States is effectively bankrupt, with total obligations exceeding the GDP of the World.
Widely cited for it’s AAA sovereign rating, 12 Trillion national debt is only part of the iceberg.
The bottom, invisible part is much bigger, according to U.S. Department of Treasury.
The table below illustrates matters as they were at the end of 2008.
There is no way these obligations can be paid without a major money printing,
major tax hike, a default on Social Security and Medicare, or a combination
of these. The AAA sovereign rating for USA that U.S. credit rating agencies
assign to this country is as much of a lie as their AAA subprime mortgage
debt ratings were. This big lie is still propagated, even as a major 1.725 Trillion printing
effort by U.S. Federal Reserve is currently in process.
US debt iceberg
US deficit and debt, GAAP
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