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Biderman Blasts "Either Obama Is Ignorant, Or He Is Hiding The Truth"

Tyler Durden's picture




 

According to the official government data, the United States asserts its future obligations, as of Q2 2014, are $16.5 trillion. However, TrimTabs founder Charles Biderman says that is wrong, the actual figure of the country’s future obligations, which is $98 trillion. "This does not bode well for future generations," Biderman warns, adding "either Obama is ignorant of future US government obligations or he is hiding the truth."

 

Charles Biderman, founder of TrimTabs Investment Management Float Shrink (TTFS) says the U.S. gives its future obligations, as of Q2 2014, as $16.5 trillion.  But, in fact, Biderman says, the actual number is $98 trillion.

 

 

“Either Obama is ignorant of future US government obligations or he is hiding the truth,” slammed Biderman.

“If the United States were a public company and was hiding the truth that the present value of future obligations was $98 trillion – not just $16.5 trillion-- the president of that company would be guilty of criminal fraud.”

Biderman said the actual figure of the country’s future obligations, which is  $98 trillion, is in the 2013 OASDI (Old Age, Survivor’s and Disability Insurance) Trust Funds, a combination of Social Security and Medicare Trustee Reports.

As Biderman concludes:

“This does not bode well for future generations when the U.S. can’t afford to fund benefits including Medicare.”

 

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Tue, 10/28/2014 - 13:46 | 5386629 Bear
Bear's picture

Hiding the truth?

He is the Liar and Chief .... No reason to hide the truth.

Tue, 10/28/2014 - 13:48 | 5386634 nope-1004
nope-1004's picture

I say IGNORAMUS

 

Tue, 10/28/2014 - 13:52 | 5386649 hedgeless_horseman
hedgeless_horseman's picture

 

 

Obama is the dummy.  Who is the ventriloquist?

Tue, 10/28/2014 - 13:53 | 5386653 knukles
Tue, 10/28/2014 - 13:55 | 5386666 SAT 800
SAT 800's picture

How about ignorant and lying; that's what he's been cnsistently so far; why should this be any different?

Tue, 10/28/2014 - 13:57 | 5386680 zaphod
zaphod's picture

The people want to be lied to, that is why they are. 

Tue, 10/28/2014 - 14:04 | 5386711 SAT 800
SAT 800's picture

That;s why it works; because they don't want to look too closely at the coming train wreck; but it's not WHY, it's done. It's done to keep the population calm and under control.

Tue, 10/28/2014 - 14:27 | 5386801 NoDebt
NoDebt's picture

Being one of Obama's harshest critics around here, I still have to say "oh come on, you;'re pulling my leg".

Like Obama's the only president hiding the fact we have MASSIVE unfunded liabilities?

Clinton is the one who rolled the SS surplus into the general budget to make it "balance" back in the 90s.  You didn't think he ACTUALLY balanced the budget, did you?

This shit's been going on for the last 5 presidents, minimum.  But it was always far enough out the teeth hadn't started to really bite.  Now they are.  And it gets nothing but worse and more pear-shaped from here.  (Thanks, demographics!)

That's why I have no doubt there will be PLENTY of new US Treasuries issued for the Fed to buy up for QE5, 6, 7, 8, 14 and beyond.

Tue, 10/28/2014 - 14:33 | 5386824 kaiserhoff
kaiserhoff's picture

Sad but true, NoDebt.

Yup, ~ 100 Trillion is about right, and the negative cash flow will start biting them in the ass soon.

As for Barry, I'll bet you dollars to donuts the fool couldn't  balance his own check book.

Tue, 10/28/2014 - 14:41 | 5386854 0b1knob
0b1knob's picture

Perhaps he is trying to hide the truth that he is ignorant?

Tue, 10/28/2014 - 15:17 | 5386998 Keyser
Keyser's picture

Nothing new here, move along... TPTB have been obfuscating this number for decades... And oh how they larfed as the numpties re-arrang the deck chairs on the Titanic as the band played Auld Lang Syne... 

Tue, 10/28/2014 - 15:54 | 5387132 Manthong
Manthong's picture

What part about stinking liar does Mr. Biderman not understand?

Tue, 10/28/2014 - 19:52 | 5388000 rocker
rocker's picture

Bambi is no better than Bush. Bush said the war would pay for itself with petro dollars.

Bambi just took the deduction. He deducts Homeland Security and the Patriot Act.

Bambi deducts the Bailouts of the banks, (not his watch). And Healthcare. LOL

Yep, Same old, same old.  The next one will do the same. Bad data in. Bad data out.

Tue, 10/28/2014 - 13:58 | 5386678 pods
pods's picture

We will pretend till the end.  

I bet that last scotch on the Titanic tasted really good.

pods

Tue, 10/28/2014 - 15:46 | 5387111 TheReplacement
TheReplacement's picture

Was probably cold anyway.  Not sure about the taste after being watered down with salt water.

Tue, 10/28/2014 - 14:04 | 5386686 RaceToTheBottom
RaceToTheBottom's picture

I would much rather have hispanics and Muslems poping kids out by the bushell...  Yep.

Rich countries self modulate anyway

Tue, 10/28/2014 - 14:06 | 5386716 Hook Line and S...
Hook Line and Sphincter's picture

Not to nit pick (notice the allusion to lice eggs), BUT the root of the definition 'ignorant' is 'ignore'. 

Thus, Ignorance IS Complicity.

Hear the wooden sound of that gavel slamming?

Hook Line & Sphincter

Tue, 10/28/2014 - 15:13 | 5386976 ersatz007
ersatz007's picture

let's have a nuclear war so we can improve the environment...

Tue, 10/28/2014 - 13:54 | 5386654 wee-weed up
wee-weed up's picture

Not either...  both!

Tue, 10/28/2014 - 13:57 | 5386673 SAT 800
SAT 800's picture

I really didn't notice your post; you got the point before I posted my take on it.

Tue, 10/28/2014 - 14:04 | 5386706 Goggles Pisano
Goggles Pisano's picture

Center for American Progress.

 

Tue, 10/28/2014 - 16:02 | 5387129 Kirk2NCC1701
Kirk2NCC1701's picture

@HH: "Obama is the dummy.  Who is the ventriloquist?"

Kubla Kraus?  https://www.youtube.com/watch?v=778pJ0SQXyA

p.s. Kubla Kraus is a wannabee King of Kossacks (read:  Khazarians), who... "Could've been a Pharaoh".  The subtext is awesome.

Tue, 10/28/2014 - 13:53 | 5386650 pods
pods's picture

Soon to be a popular saying by the old folks:

"But, but, they promised."

I have heard numbers from 98-120 trillion coming due. 

pods

Tue, 10/28/2014 - 13:54 | 5386655 knukles
knukles's picture

But, but, I was just following orders

Tue, 10/28/2014 - 14:35 | 5386834 kaiserhoff
kaiserhoff's picture

Worked so well at Nuremberg.

Tue, 10/28/2014 - 14:20 | 5386777 seek
seek's picture

More than once I've said the future is filled with starving, homeless old people, and nothing in this story has changed my mind.

Think about how watered down the USD will be to hit those 98-120T numbers. Even over 50 years that's an extra 2.4T/year, and that's a way optimistic timeline.

Print, baby, print.

Tue, 10/28/2014 - 14:48 | 5386878 p00k1e
p00k1e's picture

They don’t have to be starving, homeless old people…. Their loving children can take care of them or they get euthanzied. 

Tue, 10/28/2014 - 16:16 | 5387226 Augustus
Augustus's picture

It is not possible to inflate a way out of inflation adjusted obligations such as Medicare costs and Social Security payments.  Of course that will be tried as the "painless" solution.  It will just make the inflation tornado spin faster.

Tue, 10/28/2014 - 14:20 | 5386774 drendebe10
drendebe10's picture

E.  All of the above.

Tue, 10/28/2014 - 13:47 | 5386631 ShorTed
ShorTed's picture

Welcome Back Charles!

Tue, 10/28/2014 - 13:57 | 5386676 Bay of Pigs
Bay of Pigs's picture

Its da Beedermon mon!

Too funny....

Tue, 10/28/2014 - 13:48 | 5386632 khakuda
khakuda's picture

Hence the endless desire to push up asset prices to make it seem like the debt is in check on a relative basis.

I'll bet Bullard gets a free trip to Disney World courtesy of the Fed for spiking the punchbowl 2 weeks ago and saving the asset side of the country's balance sheet.

Tue, 10/28/2014 - 13:47 | 5386633 MagicMoney
MagicMoney's picture

That's Obama's job is to lie on the behalf of the state and the elites.

Tue, 10/28/2014 - 14:29 | 5386806 lunaticfringe
lunaticfringe's picture

What debt? When did they do that?

I am currently in a back and forth with a masters degreed guy (economics no less) who tells me the debt is of no consequence. We can never run out of money. All you doom and gloomers don't know shit according to him.

Tue, 10/28/2014 - 14:55 | 5386906 NotApplicable
NotApplicable's picture

Technically he is correct in that we'll never run out of money. What he obviously fails to realize is the idea that there aren't other consequences that will collapse society long before infinite dollars occur.

Tue, 10/28/2014 - 14:30 | 5386810 SAT 800
SAT 800's picture

that;s cerainly part of his job. I think he's part of a process that began with globalization, went through the expedient events of the Bush era, and is now winding up in the final solution. The America where the industrial worker, largely unionized, (yes, this has been demonized, but it was very important for the standard of living of the working class), could afford a vacation cabin by the lake and a real retirement, and pay off their house, so forth and so on; doesn't fit in the new world mold, or model. American exeptionalism, in the form of an "abnormally high" standard of living must be eliminated. The new standard model nation will be a place where it's just possible to get paid enough to support the state apparatus, and pay the interest on the Bonds. You see, from the point of view of the Bond Owning class, that is your function, to make their interest payments. They're very keen that things aren't allowed to "regress" to the point where you manufacture things, (value added), and worst of all, get to keep any significant fraction of the profit. Marx was right about his basic premise that there is a conflict of interest between the ownership class and the working class, but wrong in his estimation that a revolution was inevitable. the United States avoided the revolutioni by allowing workers to form unions and requiring business owners to do collective bargaining. Before the government came down on the side of the workers, we had strikes where the strikers were shot by hired guns; and starved out, and so forth and so on. The reason Mexico was able to nationalize their oil fields, which at the time "belonged" to Standard Oil; was that the US Marines were busing pushing striking longshoremen off the docks at bayonet point and into the San Francisco Bay. So, we avoided serious "unrest" by the government coming down on the side of the worker. that has all changed now. the big exception to the concept of a union is a public employee union; as I pointed out before, this is impossible; because the negotiator for the "boss" is never acting in good faith, he's always in the position of giving away somebodiy elses money; so this type of union needed to be out lawed; but there was no one with sufficient common sense to do it. In the case of a public employee market forces have to be allowed to operate; if the employee doesn't like the deal he or she can re deploy elsewhere; assuming that there is a healthy manufacturing economy operating which hasn't been stuffed full of immigrants.

Tue, 10/28/2014 - 15:55 | 5387137 Kirk2NCC1701
Kirk2NCC1701's picture

When do WE start building Pyramids?  What say you, Oligarch "Job Creators"?

Tue, 10/28/2014 - 17:24 | 5387485 max2205
max2205's picture

Pol Lie Tision

Tue, 10/28/2014 - 13:49 | 5386635 Sick
Sick's picture

The figures stated are based on the planned depopulation.

Tue, 10/28/2014 - 13:56 | 5386667 knukles
knukles's picture

Oh my.....  I'd just posted above....
It's not a joke, rumor or dumb ass tin foil hat idea.... anymore

 

http://www.infowars.com/ngo-envisages-global-one-child-policy-pandemics-...

Tue, 10/28/2014 - 13:48 | 5386636 OW My Balls
OW My Balls's picture

That SOB made a 'snowman' on the last hole & he carded a 'hockey stick'!!!

 

He's a fucking LIAR!!!

Tue, 10/28/2014 - 13:54 | 5386661 pods
pods's picture

Ahh, the snowman. The Double Double bogey.  The 4 fingers over par.

pods

Tue, 10/28/2014 - 14:26 | 5386795 dontgoforit
dontgoforit's picture

It's why I don't play anymore.

Tue, 10/28/2014 - 14:50 | 5386886 OW My Balls
OW My Balls's picture

In 2001 ~ I was leading a 36 hole qualifier to go to the US AMATEUR after 18 holes    It was 104 degrees, & the groups were a little late, so they sent us out within 12 minutes of my holing out on 18, which only gave me minimal time to wolf down a half a sandwich before I had to tee it up for the 2nd round

 

In a half delerious condition, I managed to birdie the 1st hole of the 2nd round [putting me 2 strokes up leading the tournament with 3 player qualifying]

 

I get to the 2nd hole, a par 3 [204 yards up hill to a tight front flag on a hilly green]   My 4 iron hits the fucking flagstick & kareems 10 feet away into the nearest bunker  [Think ~ 16th hole at AUGUSTA NATIONAL, back right bunker with a high pin placement]

 

I hit a beautiful sand shot [which rattles off the pin] but, because of the slope, trickles away to about 3 & a half feet left to righter [which I lip out for a bogey]    So ~ 2 shots that hit the pin & a lip out & I card a bogey

 

Then ~ I get to the 3rd hold & there's 3 threesomes waiting [in 104 degree heat]   I park my @ss under a row of pines & wait it out   25+ minutes   Block the drive right into some pines on a hole I birdied in the morning   2 shots to get it outt there   TRIPLE the hole   Miss the eventual cut by a shot

 

To quote you:

 

"It's why I don't play anymore."

Tue, 10/28/2014 - 14:44 | 5386858 ncdirtdigger
ncdirtdigger's picture

Depends on what par is

Tue, 10/28/2014 - 13:50 | 5386643 eyesofpelosi
eyesofpelosi's picture

Biderman Blasts "Either Obama Is Ignorant, Or He Is Hiding The Truth"

Answer: Yes.

Tue, 10/28/2014 - 13:51 | 5386645 Bluntly Put
Bluntly Put's picture

$17.9 trillion must be the amount they need to roll over, the rest they can hide in accounting games.

.

Tue, 10/28/2014 - 13:51 | 5386646 buzzsaw99
buzzsaw99's picture

owebomba hates amurkins

Tue, 10/28/2014 - 13:52 | 5386648 RaceToTheBottom
RaceToTheBottom's picture

Captain Obvious Speaks.

 

I bet he expects the newspaper boy to know everything written in the paper too.

The US president is a newspaper boy.  Why expect more?

Tue, 10/28/2014 - 13:52 | 5386651 OW My Balls
OW My Balls's picture

HOTELS.com [he won't be needing it tonight]

Tue, 10/28/2014 - 13:54 | 5386652 JustObserving
JustObserving's picture

But, in fact, Biderman says, the actual number is $98 trillion.

Kotlikoff says the number is $244 trillion

Tue, 10/28/2014 - 13:56 | 5386670 El Vaquero
El Vaquero's picture

What difference does it make?

Tue, 10/28/2014 - 13:59 | 5386687 SAT 800
SAT 800's picture

Are you quoting our next dear leader, Hilarious Clinton ?

Tue, 10/28/2014 - 14:02 | 5386699 El Vaquero
El Vaquero's picture

Yes and no.  In this case, you can ask the question, be dead serious about, and it makes sense to ask it.

Tue, 10/28/2014 - 14:02 | 5386701 knukles
knukles's picture

Gonna be her next campaign slogan
"What difference does it make?"

The Republicans will claim her slogan was
"Approved by Vince Foster"

Tue, 10/28/2014 - 14:01 | 5386695 pods
pods's picture

Those numbers are so bad I wouldn't doubt they have a plan that when everyone retires they will boxcar them to Nebraska and grind them up for cattle feed.

pods

Tue, 10/28/2014 - 14:21 | 5386780 Hook Line and S...
Hook Line and Sphincter's picture

Ah Pods, but the meat grinder isn't reserved for the cattle only. It's also reserved for ZH'rs who have too bold of balls and mouth. 

I'll admit it friend, sometimes I eavesdrop. Just the other day I was sitting at the end of the bar when I overheard my no-good neighbor (one of the ranchers) talking smack to a scrawny little carnie who was caught looking over the fence at the carnival. 

You can eavesdrop too! Just listen to that piece of…

“Escucha, wimp. You’re no threat. What you saw means nada. Look outside that fence again and I see to it that yer floating face down in the Tijuana river. So, why didn’t I kick your ass and permanently remove you from the fair?

Callate, gusano. The only one here I’m annoyed with is that pendejo at the end of the bar who’s pretending he’s not listening (he was talking about me and you Pods). Aye, as long as he doesn’t try to steal the herds labor from me, I won’t think of him as a rustler, and won’t have to beat his ass again. He’s a pain in the nalgas, always trying to open the gate and let the ‘cattle’ roam free. Ah so what. I’m way ahead of him. That derelict stands in front of stampeding cattle, and wonders why he’s got hoof marks all over his body.

Oye! We don’t even need a fence around the carnival anymore! 

Soy un rancher who knows the cattle will return.

Hey wus! You can whine and moo away, dreaming the fence will just disappear. Your words are horse flies buzzing around. You’ll never go over that fence. The most you’ll do is whine and complain… chirrido y quijarse.”

Hook Line and Sphincter

Tue, 10/28/2014 - 13:58 | 5386679 knukles
knukles's picture

Details, details, details...
It's big
Real big
A real lot bigger and bigger than anybody will admit
'Cept us peasants who gets to pay the freight

Tue, 10/28/2014 - 14:38 | 5386846 Geruda
Geruda's picture

You ain't even paying the freight to justify your own existence.  Yer spongin' just like a fair percentage of your drooling cohorts on this website and making no positive contribution to society.  Fouling the space around you with your negativity and self pity.

Tue, 10/28/2014 - 14:31 | 5386800 Vincent Vega
Vincent Vega's picture

Truth is...no one knows what we owe. But my quests is somewhere between $98T and $244T.

Tue, 10/28/2014 - 14:37 | 5386839 Hal n back
Hal n back's picture

when did kotlikoff increase it from 220 trillion.

 

if interest rates go up and inflation stays low (hehe) the present value drops significantly.

Tue, 10/28/2014 - 13:56 | 5386669 Homey Da Clown
Homey Da Clown's picture

Isn't that the entire end game by the Fed? Keep printing money to pay off the debt in uber diluted money at a fraction of what the currency is worth? Everyone knows we have no way of actually retiring the debt. At some point soon the interest alone on the debt will start to consume more as a percentage of the annual debt than any other item. I believe by 2020 it will then require a 70-80 % tax rate just to service the debt.

At what point does the US stop being able to service the debts and the rest of the world stop buying our worthless paper?

Tue, 10/28/2014 - 13:58 | 5386682 Winston Churchill
Winston Churchill's picture

2012 in you were paying attention.

Tue, 10/28/2014 - 14:13 | 5386750 all-priced-in
all-priced-in's picture

Most American's can't even afford to pay attention.

 

 

Tue, 10/28/2014 - 14:00 | 5386693 knukles
knukles's picture

That "at what point does the rest of the world stop buying our shit" don't ahappen until everybody else stops printing like we are.  Until then, no difference amongst the shit.  Some days one just smells less than the others. 
Just hope the one you handle ain't from Kitum Cave. 
(Ebola joke)

Tue, 10/28/2014 - 14:05 | 5386713 LawsofPhysics
LawsofPhysics's picture

"At what point does the US stop being able to service the debts and the rest of the world stop buying our worthless paper?"

When the majority of market participants on the planet stop accepting/buying that paper, period.

Tue, 10/28/2014 - 13:56 | 5386672 oddjob
oddjob's picture

It's sad when doormat boomers like Biderman that actually have the resources to stop this trainwreck, won't. Pitying future generations is just talk.

Let me know when Biderman manages a crash-the-comex fund.

Tue, 10/28/2014 - 13:59 | 5386690 Sudden Debt
Sudden Debt's picture

no matter what, they'll kick the can for years to come but for most of us who still need to work 20, 30 years before we retire, we'll be confronted with thr cold hard facts of being left on our own and it's going to be pretty god damn hard!

Tue, 10/28/2014 - 14:01 | 5386691 Duffy Duck
Duffy Duck's picture

it's only 98 trillion if there isn't a large reduction in the population.

 

hedge accordingly.

Tue, 10/28/2014 - 14:04 | 5386708 kchrisc
kchrisc's picture

Calling CIA-Obama stupid is like calling a puppet in a Punch and Judy show stupid.

He's just articulating the elite's script.

An American, not US subject.

 

"Look past the puppets. Watch the strings."

Tue, 10/28/2014 - 14:31 | 5386816 Hook Line and S...
Hook Line and Sphincter's picture

I keep looking past what I think to be puppets, but keep finding strings attached to myself.

The curse goes deeper than most are willing to believe.

Examine the language your brain uses to keep you bound. I've discovered that most the thoughts having a party in my noggin were really never my own.

Examine the dogmas of not just religion and political dialectic, but science as well.

Examine how the shapes and angles you see and hear create a subconscious reaction in your behavior and thoughts.

Hook Line and Spincter

Tue, 10/28/2014 - 14:31 | 5386817 dontgoforit
dontgoforit's picture

".....watch the strings."  But, they fade into the dark.

Tue, 10/28/2014 - 14:51 | 5386882 kchrisc
kchrisc's picture

"But, they fade into the dark."

Actually, they don't. The more strings one identifies, the more strings that come into view.

They aren't even really as ardent in masking or hiding the strings now.

Seeing the strings can not only help reveal the truth, but can be utilized to predict the elite's future moves. Much like those that understood who was pulling the strings on Syria, and therefore also, as a result, knew that the Ukraine would be the next target, etc.

An American, not US subject.

 

"Just one example: After I learned that the NAACP (puppet) was, and is, in fact a Zionist organization, I realized that Zionism (string) is real. With that realization came great understanding and clarification about a great many things that heretofore had not made any sense."

 

Tue, 10/28/2014 - 14:05 | 5386710 Joenobody12
Joenobody12's picture

No problem. We can print as much as needed. Printing will lead to hyperinflation and a simple 1000 fold inflation will reduce the trillion dollar debt and obligation to todays billions. 

Tue, 10/28/2014 - 14:06 | 5386714 himaroid
himaroid's picture

NOW I'm scared. 

Fokkers are catching on.

Finally.

Too late to matter.

Tue, 10/28/2014 - 14:09 | 5386732 gaoptimize
gaoptimize's picture

Obama has a phone and a pen.  Those unfunded obligations can be dealt with in a single executive order.  What obligations?  Who's obligations?

It use to be more common for men to feel obligated to support and raise/nuture/mentor their children.  It use to be that marriage commitments came as an obligation before individual self-fulfillment.

===Scene II, Measure for Measure===

ESCALUS

What news abroad i' the world?

DUKE VINCENTIO

None, but that there is so great a fever on
goodness, that the dissolution of it must cure it:
novelty is only in request; and it is as dangerous
to be aged in any kind of course, as it is virtuous
to be constant in any undertaking. There is scarce
truth enough alive to make societies secure; but
security enough to make fellowships accurst: much
upon this riddle runs the wisdom of the world. This
news is old enough, yet it is every day's news.

======

 

Tue, 10/28/2014 - 14:10 | 5386738 NEOSERF
NEOSERF's picture

What we could use is a coordinated collapse, resulting in a difficult 3 year hyper-Depression apocolypse which would wipe say $90T off the books and each country could start again.  Let's say May 15th, 2015.

Tue, 10/28/2014 - 14:10 | 5386740 Bemused Observer
Bemused Observer's picture

"“Either Obama is ignorant of future US government obligations or he is hiding the truth,” slammed Biderman."

Well, I think I'm going to go with door number three here...The data has been so obfuscated by manipulation, it can be made to 'say' whatever you WANT it to say. Unfortunately, that obfuscation also means that YOU no longer know what it really means.
So, Obama THINKS he knows what the future obligations are, so it isn't pure ignorance at work. And since no one knows WHAT the truth is anymore, he can't be hiding it...there'd be no point. And it isn't Obama at the head of all this, the dumb fuck is just a figurehead, like they ALL are these days. You gotta start looking PAST this man, and maybe in the future, this woman. And if ROMNEY were to win in 2016, look past him too.
The President is NOT running this shit-show. The Democrat/Republican leadership in Washington, controlled not by the President, but by the career politicians who have been there for decades, are the ones in charge. Presidents come and go, but they stay there like a bunch of fucking Popes.

And the notion that if this went on in a private company, they'd be guilty of criminal fraud, is a "No shit, Sherlock" statement. We all KNOW that, but in fact they aren't CONVICTED when they're caught. Except for a few tokens here and there, most get off scot-free.

Tue, 10/28/2014 - 14:10 | 5386742 all-priced-in
all-priced-in's picture

Biderman is wrong --

 

Obama is both ignorant AND hiding the truth.

 

 

 

 

Tue, 10/28/2014 - 14:15 | 5386758 Syrin
Syrin's picture

Exactly.  They aren't mutually exclusive.

Tue, 10/28/2014 - 14:19 | 5386772 Perimetr
Perimetr's picture

Surely this is not an Either-Or question . . . .

 

BOTH!!!!!!!!!!!

Tue, 10/28/2014 - 14:53 | 5386894 rydog1220
rydog1220's picture

Well I was thinking the same thing, if I was on a so called "mainstream" site I would be called racist hahahaha Oboozo for the Win... To the Banks and the Golf Courses 

Tue, 10/28/2014 - 14:19 | 5386778 Jano
Jano's picture

Obama couldn't care less.
One Tomahawk and trillions will disappear. Like with Pentagon.
Or he will nuke once more his own people. Like the twin towers. And the focus will be somewhere else....

Tue, 10/28/2014 - 14:33 | 5386808 Geruda
Geruda's picture

In comparison to the ignorance and intellectual dishonesty incessantly expressed in the comments section of this website he barely registers.  

 

Many fools have been promisiing disaster since the days he took over from the smirking chimp, who of course gave them good reason to expect disaster.  

Somehow he's managed to defer the day of reckoning long enough that many of you here have had time to become even fatter and stupider in the meantime.  

Tue, 10/28/2014 - 14:29 | 5386811 Clesthenes
Clesthenes's picture

“the actual number is $98 trillion.”

It is actually a gross understatement.

This amount is based on calculations done with “present value dollars” (pvd).

By this method, one deposits $950 where it will earn 5% over a year, thus, yielding $1,000 at the end of that year.  So, instead of reporting a liability of $1000 a year hence, you report, $950; if two years out, a real liability of $2000 is reported as $1900.

If you or I did this, we’d go to jail.  When criminal and useful-idiot classes use the method, it’s called truth, or responsible facts of reality.

When we convert the above mentioned $98 trillion to real dollars – those that we use – the actually liabilities balloon to well over $300 Trillion.

Don’t take my word for it, you can derive the same using data, assumptions and formulas provided by Financial Reports of the US Government.

Tue, 10/28/2014 - 14:39 | 5386849 muleskinner
muleskinner's picture

Not only is O what's his name ignorant, he's stupid too!

Which makes him incapable of knowing anything about anything, including the truth.

Tue, 10/28/2014 - 14:43 | 5386855 jacship
jacship's picture

Trillions and Smudge don't care

the  vacationer-in- chef

can blow through

billions in a year, every year

gov has become personal slush fund

and with captain solyndra back, it's not stopping

UNTIL ITS ALL GONE

 

 

Tue, 10/28/2014 - 14:44 | 5386862 ncdirtdigger
ncdirtdigger's picture

All we need is a titanium quadrilllion coin!

Tue, 10/28/2014 - 14:45 | 5386868 moneybots
moneybots's picture

"either Obama is ignorant of future US government obligations or he is hiding the truth."

 

Take door number 2.

 

 

Tue, 10/28/2014 - 14:47 | 5386877 sandiegoman
sandiegoman's picture

I don't think either number is correct.

 

alledged $ from Biderman  98,000,000,000,000

people in the US 316,000,000

 

Medical and FICA per person = $288,235  ; sorry, just doesn't add up

 

Tue, 10/28/2014 - 15:01 | 5386926 himaroid
himaroid's picture

My grandmother lived 35 years on SS and medicare.

My dad had open heart surgery and so far several years of nursing home care.

Me, not so much.

Those figures are probably conservative.

 

Tue, 10/28/2014 - 15:12 | 5386981 Roanman
Roanman's picture

Just quick and dirty, assume an obligation of $1,200 per month for a measly 20 years. You're out of pocket $288,000 before anybody even gets sick.

Tue, 10/28/2014 - 21:33 | 5388338 red1chief
red1chief's picture

He's probably right about presidential ignorance, but he also ignores that SS and Medicare are mostly "pay as you go". Of course you get a huge number if you assume recipients of these programs will continue to get benefits, but don't include future taxes collected. Arguments like these with huge numbers are merely setting the stage for massive cuts to SS and Medicare. I think the honchos running things will not be happy until we are all paying taxes to support the bankers and military-industrial complex, while never getting anything in return.

Tue, 10/28/2014 - 15:01 | 5386925 Right-on Left-off
Right-on Left-off's picture

Oh come on ... He's both on practically any subject you want to come up with.

Tue, 10/28/2014 - 15:02 | 5386927 viator
viator's picture

MMT to the rescue, give everybody $1,000,000!

Tue, 10/28/2014 - 15:03 | 5386931 apberusdisvet
apberusdisvet's picture

Neither liar nor ignorant; how about psychopath?

Tue, 10/28/2014 - 15:10 | 5386966 ersatz007
ersatz007's picture

is 16 different than 98?

Tue, 10/28/2014 - 15:32 | 5387061 lasvegaspersona
lasvegaspersona's picture

Politicians actually do think of the numbers in a different (albeit insane) way. To them if something is off budget then it does not affect what they can spend.

The problem is only now becoming obvious due to the fact that in the past the cash flow covered up the imaginary funding games.

Now that Social Security taxes are actually needed to pay benefits instead of going into the general fund (in fact money from the general fund will be needed to pay back old loans from Social Security) things are about to get real...really really real. Many in Congress will probably have to have this explained to them like you would a child.

Tue, 10/28/2014 - 15:41 | 5387087 nostromo17
nostromo17's picture

I'm thinking Obama is ignorant and a liar.

Tue, 10/28/2014 - 16:13 | 5387205 NoWayJose
NoWayJose's picture

This does not bode well for future generations --

Doesn't that kind of depend on how much cheap PMs the current generation is able to buy today and pass on?

Tue, 10/28/2014 - 16:39 | 5387321 enloe creek
enloe creek's picture

It is likely going to be a lot higher if you consider pensions and savings are in USD denominated investments which will all but certainly collapse in value. Should be interesting to see Chinese return with the gold to sweep up productive assets for pennies while Americans become third world servants to the new empire on the block hope you are studying mandarin so you can be more useful to the new bosses. Enjoy your hope and change losers. 

Tue, 10/28/2014 - 17:00 | 5387411 Fox-Scully
Fox-Scully's picture

I prefer Stupid and a Liar.

Tue, 10/28/2014 - 17:47 | 5387539 craus
craus's picture

He just doesn't care.

Wed, 10/29/2014 - 09:16 | 5389046 El Hosel
El Hosel's picture

Yhea But , What about the recent  "V Bottom" in stocks followd imedATLEy BY new all time highs this morning to go with the Fed meeting... Why Can't we just focus on the Hocus Pocus for fuks sake?

Tue, 10/28/2014 - 22:03 | 5388443 AdvancingTime
AdvancingTime's picture

 Below is a post that acts as a primer that looks at how the debt America has must be laid at the feet of each of us. It will make anyone who reads it think twice before saying that each 3 to 13 billion dollar program government considers should be passed.

At one time a billion dollars was a lot of money and it still is. Most people that haven't given it much thought might not think so considering how modern media and politicians throw the "B" word around. On several occasions I have heard both Washington politicians and the news media accidentally confuse a billion dollars with its much smaller sister the million marker. This drives me crazy. With a billion dollars being a thousand time larger this confusion is undefendable. 

http://brucewilds.blogspot.com/2014/10/an-ugly-math-primer-on-american-debt.html

Do NOT follow this link or you will be banned from the site!