If you include the debt of the GSE's which are now basically fully owned subsidiaries of the federal govt the debt already stands at 130% of GDP. Granted that the GSE debt is backed by physical collateral (as opposed to the future slavery of the US taxpayer like the rest of the federal debt), but much of that collateral is of dubious value. So if we generously grant that the GSE collateral is worth 80% of the debt value then the we currently have $12.6T of federal debt + 20% x $6.3T of GSE debt = $12.6T + $1.3 = $13.9T vs $14.5T GDP = 96%. Tack on the unfunded liabilities, where if the US were required to report as a business would also all have to included in liabilities, and you can add another $50-80T to the above giving total liabilities/GDP of 440%-650%.
If you include the debt of the GSE's which are now basically fully owned subsidiaries of the federal govt the debt already stands at 130% of GDP. Granted that the GSE debt is backed by physical collateral (as opposed to the future slavery of the US taxpayer like the rest of the federal debt), but much of that collateral is of dubious value. So if we generously grant that the GSE collateral is worth 80% of the debt value then the we currently have $12.6T of federal debt + 20% x $6.3T of GSE debt = $12.6T + $1.3 = $13.9T vs $14.5T GDP = 96%. Tack on the unfunded liabilities, where if the US were required to report as a business would also all have to included in liabilities, and you can add another $50-80T to the above giving total liabilities/GDP of 440%-650%.
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