Sunday, January 20, 2013
DEBT-TO-GDP -- STILL REPORTED MISLEADINGLY
ON NATIONAL DEBT-TO-GDP: After I, and a couple others, beat the drums for identifying all of the national debt correctly, even those in the media who finally got it right have slipped backwards. $16.4 trillion of debt and $15 trillion GDP is ~109% Debt-to-GDP. Charles Krauthammer, whom I respect immensely, reported it as ~70% a while ago and didn't respond to my e-mail correction. Today, a Fox News reporter quoted 73%. WHY? Government number crunchers/managers have bought into the Keynesian nonsense that debt owe to ourselves is not real debt. So, the $5+ trillion owed to Social Security trust fund isn't debt at all, yet it is borrowed from our payments. As I wrote in a blog earlier, the government has no intentions to pay that back from general funds. This now takes on very special signficance since Obama threatens to not pay social security retirement if he doesn't get his demands on the debt ceiling. I invite you to go to my blog and enter into the search block, top left, and type in "The Economy -- Facts not Political Fiction," June 25, 2012. Americans must demand more truth from government. Dishonesty is at an alltime high and media are complicit.