Here's the terrible truth about the Federal debt. It is NOT the oft-reported $20 trillion. That would be quite terrible enough - a whopping $61 thousand per citizen. But what is rarely mentioned is that this figure doesn't include our government's existing unfunded obligations - which consist mostly of Social Security and Medicare. Forbes says that the unfunded obligations exceed $127 trillion, though I've seen other estimates as high as $200 trillion. $127 trillion + $20 trillion is more than enough to make my point. It's $452 thousand dollars per citizen. If distributed evenly, every American family would have to pay $1.3 million. That's an overwhelming, impossible amount of debt.
Since our government won't default on it (because defaulting would promptly kill tens of millions of our elderly), the country will have to print vast quantities of dollars, driving their buying power and the worth of people's savings right into the gutter. That makes retirement at any age virtually impossible for most of our kids. I feel sorry for them.
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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