$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:

Daniel McAdams: The US Is the World Government
How Big Was the Tax Hike for Everyone Earning a Paycheck?
15 Percent of Malls To Close Due to Online Shopping?
Man's Home Raided After Son's Facebook Picture Shows Gun
Cyprus bailout: What are individual EU member states on the hook for?
Colorado Gun Control Law Is Unenforceable, Say 54 Of 62 Colorado Sheriffs
Snowden And Manning Saw Something, And Said Something
The Last Mystery of the Financial Crisis
10 Ways to Commit Nutritional Anarchy
California’s first mobile Amber Alert shocks strangers
Obama heckled over sentencing of Chelsea Manning
John Kerry invokes apocalyptic ‘domino theory’ in call with House Democrats
Feds Abused Anti-Terrorism Database To Track Chelsea Manning Supporter
Third largest cryptocurrency PPCoin moves into spotlight
6 Bitcoin Customers Confirmed for Virgin Galactic Space Flight