Wednesday, August 15, 2012

America's Actual Deficit - $200 Trillion, with a "T"

We've heard several extraordinarily large figures over the past few years from economists attempting to calculate the total of our outstanding federal debt.

And there are several numbers to be considered, depending on how you want to count it. But this new number is bordering on the incomprehensible. The true indebtedness of the United States now exceeds $222 trillion. Appearing on National Public Radio in August of 2011 Professor Laurence J. Kotlikoff of Boston University said...

 If you add up all the promises that have been made for spending obligations, and subtract all the taxes we expect to collect, the difference is $211 Trillion. This is the fiscal gap. That is our true indebtedness.
And it's gone up since then, as the American Thinker article states, to $222T.

I don't think I have enough fingers and toes to count that high.

On a partially related note, Ol' Slow Joe Biden thinks that your budget is your measure. Well, let's see your budget. Oh, right. You haven't produced one in over 1200 days, violating the law in the process. So, what does that tell us about your values?

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