“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:
A Taxing Choice? PAC Checks May Ease the Pain
Jeffrey Albert Tucker exclusive RT TV interview
This State Really Doesn't Want Its Residents to Know the Law
Western Union now prohibits sending money to the USA from Argentina. Bitcoin may be the only way out...
Peter Schiff Doubles Down on Inflation Prediction
Too Stoned to Drive? There’s an App for That.
Walmart Shoppers: Pay 15% More to Give Workers a Raise. No Takers?
Feds, Anaheim Try to Seize $1.5M Building . . . With No Charges Against the Owner
Grandmother in violent SWAT raid for neighbor's wireless internet use
Asset Seizures and Forfeitures and Your S Corporation
Meet CO-TRAVELER: The NSA's Cell Phone Location Tracking Program
Rapper Lupe Fiasco thrown out of inaugural party after criticizing Obama during performance
New WiFi-Enabled Rifle Assists Hitting Moving Targets At Long Range
Now Available for You to Buy: America's Most Expensive Home, $190 Million
Why Have So Many Americans Considered Expatriation?