THE actual figure of the US' national debt is much higher than the official sum of $US13.4 trillion ($14.3 trillion) given by the Congressional Budget Office, according to analysts cited on Sunday by the New York Post. "The Government is lying about the amount of debt. It is engaging in Enron accounting," said Laurence Kotlikoff, an economist at Boston University and co-author of The Coming Generational Storm: What You Need to Know about America's Economic Future. Mr Kotlikoff says the debt is actually $US200 trillion. Mr Moylan says the number is likely about $US60 trillion. Read complete article-: http://www.blacklistednews.com/?news_id=10626
Wait, how exactly is this suddenly a revelation? People have been talking about the various unfunded contingent liabilities of the system for years now and not just in the US.
It's really immaterial to estimate an exact body count after a 50 mega ton nuke goes off. This ship is going down. Even at reported levels, the debt is too big to raise rates. And the economy too weak, to stop deficit spending. Do the math. In a few years, the US will be at Greek levels without contingent liabilities and GSE's. Savor it.
Laurence Kotlikoff said ""The Government is lying about the amount of debt. It is engaging in Enron accounting"
Of course--nothing unusual. Likewise, the "accounting" that showed how Obamacare is supposed to reduce the debt was very specious. But while "greedy corporations" get taken to the cleaners over such practices (as they should), the gov't gets away with it.
These are some of the exact reasons why there is legislation just ahead to overtake 401K and IRA monies into a government controlled structure.....the us govt is looking for COIN everywhere they can find it now and it is only going to get worse. http://theinternationalforecaster.c...ter_Weekly/Fed_Issues_More_Debt_Than_It_Needs http://www.infowars.com/government-wants-retirees-to-convert-401-k-into-annuities/
if you include state and municipal debt and pension liabilities it could be. austerity measures like cuba laying off half a million gov't employees that are are unproductive or not needed or workfare programs. painful but necessary in the long term. taxpayers cannot afford these wages and the 1 trillion dollar iran afghanistan war... empires fall because the empire is financially broke. gov't workers and solders want a pay check. as for taxes, it's not going down if taxpayers want the iran and afghanistan etc to continue. and want police and roads fixed. somebody has to pay for the debt..the debt is just pass on to the next generation which is a lot smaller than baby boomers.