$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:

Never Forget: Leniency is for the Powerful
The ATF Wants ‘Massive’ Online Database to Find Out Who Your Friends Are
Restore The Fourth: Group Organizes Nationwide Anti-NSA Spying Protests On July 4
Ascension of Central Banker Carney Continues to Instruct Us
Microsoft Gave NSA Backdoor Access To Skype, Outlook, and SkyDrive (Default In Windows 8.1)
Is Slowing M2 Money Supply Signalling Another Stock Market Crash?
Obamacare is About to Get More Personal
Parents from faith-healing church charged in diabetes death of daughter
Global warming is ‘no longer a planetary emergency’
Egyptian army tanks mow down peaceful protesters
Man killed by half-ton of marijuana
The Digital Currency Growing Faster Than Bitcoin
Tech Millionaire Brings Bitcoin to Australian Stock Exchange
French Fried Entrepreneurs: They Are Leaving
China begins direct convertibility to Asia’s #1 financial center, Singapore