True Federal Debt $202 Trillion, Kotlikoff Says

Discussion in 'Economics' started by bearice, Aug 26, 2010.

  1. Dismissing official federal debt figures out of hand as misleading “fiscal labeling,” Kotlikoff estimates that our true fiscal gap is a staggering $202 trillion — about 15 times the “official” debt level pronounced by government statisticians. The reason for this vast discrepancy is the scurrilous practice — used by the federal government to conceal real levels of indebtedness —– of declaring certain liabilities, like Social Security and Medicare payouts, as “off budget.” It's as though these are not enormous sums of money that the federal government has committed to pay out over the next couple of decades as waves of Baby Boomers and Generation X-ers retire.

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  2. It sounds more "impressive" to say "zero point two quadrillion". :D :eek: