The actual liabilities of the federal government—including Social Security, Medicare, and federal employees' future retirement benefits—already exceed $86.8 trillion, or 550% of GDP. For the year ending Dec. 31, 2011, the annual accrued expense of Medicare and Social Security was $7 trillion. Nothing like that figure is used in calculating the deficit. In reality, the reported budget deficit is less than one-fifth of the more accurate figure.Be afraid. Be very afraid.
Monday, November 26, 2012
Cox and Archer: Why $16 Trillion Only Hints at the True U.S. Debt
This is why I think we are on the slippery slope and there is nothing to grasp. They say that it isn't the fall that's so bad. It's the sudden stop.