Posted by: The Dauntless Conservative | August 19, 2010

America’s Hidden Debt Bomb


I stumbled upon this bit of news at CNN Money. I was quite surprised that they would say this but here is an excerpt:

“When anyone talks about U.S. debt, they typically refer to two numbers. The first is the debt held by the public. That’s money owed to those who have bought U.S. Treasurys, most notably big bond mutual funds and foreign governments. Debt held by the public today is roughly $8 trillion and rising.  The second number is the money the federal government owes to government trust funds, such as those for Medicare and Social Security. The government has used revenue collected for those programs to cover other outlays. Currently, the debt to the trust funds is approaching $5 trillion. The two combined is the total gross debt that’s accounted for.”

Interesting.

“America’s Hidden Debt Bomb”

http://money.cnn.com/2010/03/01/news/economy/budget_debt/index.htm

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