$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:

How To Get Kicked Off Your Flight
BOE Supports Chinese Financial Domination
Israeli airstrikes hit Damascus military site, city's airport - reports
NYPD detective allegedly hacked 40 email accounts to spy on ex-girlfriend
Republican congressman fined $500 over sexual misconduct
Grand Jury Rejects Indictment of Teen Arrested for Rap Lyrics
Which State Is Headed in the Wrong Direction at the Fastest Rate?
Kentucky Supreme Court Chides Cops For Searching Litterbug Motorist
FinCEN: Bitcoin Miners Need Not Register as Money Transmitters
A Massage Parlour Owner Explains How Bitcoin Will Help Attract Clients
Reuters Explains the Prevalence of Central Bank Money Printing
Twitter Nears Deal With Payments Startup Stripe
Europe: Cliff Ahead?
Google Joins Yahoo in Offering Bitcoin Prices
California Law Allowing Government to Seize Legal Guns Goes into Effect