The real national debt

[PattyLee loves dogs]

When the Federal Reserve tells the truth, no one wants to hear it 

http://www.lewrockwell.com/walker/walker34.html

(if you hurry you can read it before the new file goes up and fixes the grammar mistake near the end  )

[John Edward Mercier]

Not to mention... He's wrong.
I would have to do some legwork, but SCOTUS ruled that FICA (and its new translation) is an income tax, and does not guarantee future benefits.
Which means that it only becomes debt should the Congress be willing to pay the benefits.
It also doesn't take into account revenue... which again is completely unknown.

[PattyLee loves dogs]

I would have to do some legwork, but SCOTUS ruled that FICA (and its new translation) is an income tax, and does not guarantee future benefits.

Ah. That would have been a good point to put in there; not only can we not afford to pay Social Security to the Boomers, but it's not legally required 

It also doesn't take into account revenue... which again is completely unknown.

They use their optimistic estimates for revenue. Of course the economy COULD grow at 20% per year, if the government deadweight were removed. But if they keep giving money to banks and brokerages, it's more likely to grow at -20% per year, and bankruptcy will arrive quickly.

You know, John, if you spent the time writing op-eds that you spend on the forums, you'd dominate the NH print media by now 

Really, get offline and start writing. You know you'll get published... for one thing, the Grafton Gazette always needs articles 

[David]

The gov't will never pay its debt.  It will default someday.  That theme needs to be pushed hard.  Good article. 

[doobie]

Come on ....the government can't go bankrupt...they can make their own money....  they can make as much of it as they want...and if they do it quietly...no one needs to know they just printed 3 trillion dollars that they sent on a plane to various places to pay their debts...

[John Edward Mercier]

Not quite how it works.
The Fed is considered to be 'printing money' when it lowers interest rates below market rates.
It also does the opposite at times like the early 80s. But the US Mint and Bureau of Engraving only coin/print currency at the behest of the Federal Reserve, which does so in limited quantities to meet the physical need of a regional reserve member.

In a true hyperinflation, the government in essence would as David stated be unable to pay its debts. Largely because its currency would have no value beyond what it cost to produce... and all its assets would be expended to meet current needs.