As the deficit grows so does the national debt, which is currently more than $13.3 trillion, according to official figures.
But the situation is actually much, much worse, according to Boston University economics professor Laurence Kotlikoff.
“Forget the official debt,” ... The “real” deficit - including non-budgetary items like unfunded liabilities of Medicare, Medicaid, Social Security and the defense budget - is actually $202 trillion, the professor and author calculates; or 15 times the “official" numbers.
Monday, August 23, 2010
U.S. Deficit Really $202 Trillion
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I thought the $13.3 trillion figure is how much the Debt War against China will cost.
ReplyDeleteThis is all based on the assumption that our "leaders" will actually pay up. In truth, they will more than likely raise up their hands and declare bankruptcy, but only as a last resort. Either that or move to a global currency in order to restructure the debt.
ReplyDeleteOf course, I'm in favor of the United States Federal Government, and all the state and local governments for that matter, declaring bankruptcy, liquidating their assets, and being unable to borrow any money again.
I'm pretty sure defaulting on the loans we have already would ensure we can't borrow any money again. I do like the idea of a global currency, though.
ReplyDeleteIsn't this just the lead-in to the coming devaluation of the US Dollar and the establishment of the New World Order's brought to us by the Bilderbergers, et al.?
ReplyDeleteSeems most of the dire news we've heard lately (Stockman's suspicion-laden outing of the NeoCons, Obama's promulgation and sponsorship by Zbig Brzezinski & BP, the Social Security lies, etc.) has all been directed to this end.
We are supposed to eventually welcome the obsolescence of our well being - mostly likely because it gives us some resolution to all the surrounding hubbub and furor of disinformation.
Thanks for all you do to keep us properly informed.
S
The “real” deficit - including non-budgetary items like unfunded liabilities of Medicare, Medicaid, Social Security and the defense budget - is actually $202 trillion
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