$11 Trillion Increase in Federal Debt in One Year

“The unfunded liabilities of the U.S. government grew in one year by $11 trillion, says Prof. Lawrence Kotlikoff of Boston University. He is using figures provided by the Congressional Budget Office.  Republicans and Democrats in Congress a year ago could not figure ways to cut $210 billion a year for a decade. Meanwhile, the real debt grew by $11 trillion.  Understand, this is the present value of the gap. It’s not that, over the next 75 years, there will be $11 trillion more debt. It is that the present value of the entire gap is $11 trillion. We need $11 trillion today, invested in high-return capital.”

http://teapartyeconomist.com/2012/08/10/11-trillion-increase-in-debt-in-one-year/

Related posts:

Reporter: Bush ‘negligence’ ignored pre-9/11 warnings
Wireless 'smart meters' tell snoopers when you are not home
Homelanders propose raising taxes on US Persons abroad to pay for “territorial taxation”
12,000 Peaceful People Arrested in Italy for Not Paying Taxes; Police Discover Thriving Black Market
Female soldier gets jail time for fleeing to Canada
Imprisoned CIA Torture Whistleblower John Kiriakou Pens “Letter from Loretto”
Feinstein and Rogers Refuse to Discuss Constitutionality of Mass Surveillance
In Profit-Sharing Scheme, Oklahoma DA Used Contractor for Highway Drug Stops
UK gathers warplanes, military hardware in Cyprus base near Syria
Iraq deaths reportedly over a million
Five Ways To Play Gold and Silver: Part I
Zimbabwe threatening privacy rights with new SIM registration database
Danish government issues warning against Bitcoin
The FED's New Normal: $900 Billion a Year . . . Indefinitely
Angela Merkel: Let Us Deepen the Union to Raid It