Thursday, 27 June 2013

Death By Leverage

By Paul Price

America's national debt exceeded $15 trillion [with a T] for the first time on November 15, 2011. Deficit spending since then has pushed the total national debt closer to $17 trillion.

An official population of 316,110,225 (6-23-13) means every man, woman and child in America now owes $52,953 plus future interest costs.

It should be noted that the nearly $17T debt does not include the enormous unfunded liabilities for Social Security, Medicaid/Medicare and federal pensions, or the potentially crippling burdens of ObamaCare.

"The U.S. national debt comes out to about $16 trillion today [Nov., 2012]. That's something. But it's nothing compared to the extra $87 trillion in unfunded liabilities to Social Security, Medicare, and federal pensions. Here's how that works. If you add up all of the U.S. government's promises to pay retirement and health care benefits for the next 75 years and subtract the projected tax revenue dedicated to those programs over the next 75 years, there is a gap. A $87 trillion gap -- in addition to a $16 billion hole.

"'Why haven't Americans heard about the titanic $86.8 trillion liability from these programs?'

Read full article...

No comments:

Post a Comment