Laurence Hunt's Blog: "Dear Uncle Sucker"

Friday, November 19, 2010

"Dear Uncle Sucker" - You Gotta Read This

19 November 2010

Barry Ritholz has written a brilliant piece of analytical satire - a parody of Warren Buffet's recent "Dear Uncle Sam" ("Pretty Good for Government Work") letter.

Go here now and read it - "Dear Uncle Sucker" - wow! That was concise!

Honestly, Mr. Ritholtz has dug much deeper than Mr. Buffett on this particular issue....
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US Federal Debt Meter

December 7, 2010: The current official amount of US Federal debt below, now near $14 trillion, is up over 50% from the $9 trillion figure that I first posted here in mid-2008. Consider this - if interest rates return to a very normal 8% level, then the US will soon be obligated to allocate over $1 trillion per year in interest payments, and the amount can only rise after that point, as this sum is already non-repayable. To add insult to injury, according to John Williams at ShadowStats, the official estimates account for less than 20% of the actual GAAP amount. That is, the clock below should now be showing a real figure over $71 trillion, about $230,000 for every American man, woman and child....

Gross National Debt

Or, click here for US National Debt Clock (uses somewhat different figures). Click here for the Canadian debt clock.