FREETARIAN NOTE: Most main-stream media will not even touch this story. Our national debt is VERY serious and will sink this once great nation into a 3rd world status with crumbling 1st world infrastructure.
The official national debt is what the government owes its creditors -- mostly U.S. citizens, but including foreign countries like Japan, China, and a host of others. It's all on paper. Here's a surprise for most folks -- it doesn't include a very nasty thing called "unfunded liabilities." These are the monies that will have to cover future obligations for -- among other things -- Social Security, Medicare and Medicaid, and interest on the official national debt. These are huge numbers, recently estimated at around $65 trillion. That makes a total of around $80 trillion. New deficit spending, such as President Obama is proposing in his current budget request, will just add to the total debt...READ MORE