US national debt to hit $24.5 Trillion by 2015, and $144 Trillion in liabilities

One of the more detailed and relatively accurate tools the public can use to view and watch the ever-growing national debt is usdebtclock.org.  On this site you can see how a complex algorithm calculates up to the second expansion of many statistics such as the National Debt, GDP, income Tax Revenues, and growing Future Liabilities.

As Mark Twain once wrote, there are lies, damn lies, and then there are statistics.  Government agencies and media sources can and do use statistics for their own purposes, which in many cases may or may not be accurate or in context.  Sometimes it is vital that citizens have the opportunity to see the raw data and be able to make determinations for themselves.  usdebtclock.org is a tool that provides people that opportunity.

There is another algorithm this website provides however, and that is of future projections of the data criteria.  Two key areas we will look at is the expected National debt a few years into the future, and the growing unfunded liability obligations.

In an article yesterday from Zerohedge, a look at the future data for both of these criteria seem to converge towards a breaking point in the year 2015.

Yet a new feature on the "debt clock", namely one which extrapolates future debt at current rates of advancement (instead of one based on the always completely inaccurate CBO estimates), and looks at US debt in the year 2015 will probably make many stop dead in the their tracks. If anyone thought that $14 trillion in 2010 debt is bad, just wait until we hit $24.5 trillion in total US national debt in 2015. And it gets even more surreal: total US Unfunded Liabilities are estimated at $144 trillion, roughly $1.2 million per taxpayer... Was that a pin dropping?

Of those unfunded liabilities, here is a breakdown of just a few and their projected future costs.

Food stamp recipients: 89.7 million

Foreclosures: 2 million

Social Security Liability: $19 trillion

Medicare Liability: $99 trillion

Total US Unfunded Liabilities: $144 trillion

Gross Debt to GDP: 143%

When a nation's debt reaches 100% or higher of their Gross Domestic Product (GDP output), then they are officially bankrupt.  The government could take every penny from every citizen and business, and not come close to fulfilling their debt obligations.

So at the crux, it becomes a matter of time versus a numbers game.  If these projections are just four years into the future, then the clock is ticking ever faster towards the end game.