“I told them the real (2014) deficit was $5 trillion, not the $500 billion or $300 billion or whatever it was announced to be this year. Almost all the liabilities of the government are being kept off the books by bogus accounting ... The government is 58% underfinanced ... Social Security is 33% underfinanced ... So, the entire government enterprise is in worse fiscal shape than Social Security is, but they are both in terrible shape.” So, how much is America on the hook for in the future? Kotlikoff contends, “If you take all the expenditures that the government is expected to make, as projected by the Congressional Budget Office (CBO), all the spending on defense, repairing the roads, paying for the Supreme Court Justices’ salaries, Social Security, Medicare, Medicaid, welfare, everything and take all those expenditures into the future ... and compare that to all the taxes that are projected to come in, and the difference is $210 trillion. That’s the fiscal gap. That’s our true debt.”
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That amount is over $1,720,000 per taxpayer. Good luck ever paying it off.
By the way, how many of you have read Confessions of an Economic Hit Man? According to author John Perkins, that's how the economic elites have been turning the peoples of the world into their slaves - by persuading governments to take on more debt than they could ever possibly pay off.
Most of you didn't care when it was being done to people in the rest of the world, but how does it feel now that it has been done to you?