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What is the national debt? Different from the true national debt? (Read 117 times)

Land of Freedom Libertarian's Forum Administrator Offline Libertarian's Forum Posts: 353 The Land of Freedom	What is the national debt? Different from the true national debt? Jun 1^st, 2010 at 6:10pm What is the national debt? Different from the true national debt when counting obligated future payments? Should those promises be kept? What if it's not possible to pay?
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JohnLocke

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Re: What is the national debt? Different from the true national debt?
Reply #1 - Jun 13^th, 2010 at 4:34pm

What is called "the national debt" is only the federal debt.

On top of this there is:
Debts on States
Debts of Counties
Debts of Cities/Towns

All of this combined still constitutes less than half of all debt. The above is only public debt. Private is the majority of true national debt and includes mortgages, car & boat loans, and credit card debt.

All of this is the true national debt.

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Land of Freedom Libertarian's Forum Administrator Offline Libertarian's Forum Posts: 353 The Land of Freedom	Re: What is the national debt? Different from the true national debt? Reply #2 - Jun 14^th, 2010 at 6:17pm How about future payments promised for programs like social security? Should we add that?
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JohnLocke Libertarian Full Member Offline Libertarian's Forum Posts: 7	Re: What is the national debt? Different from the true national debt? Reply #3 - Jun 17^th, 2010 at 1:01am Land of Freedom wrote on Jun 14^th, 2010 at 6:17pm: How about future payments promised for programs like social security? Should we add that? It depends on how technical you want to be. Future payments are a liability not a debt.
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