Real national debt 211 trillion not 14 trillion

Dr.Who

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If a $14.3 trillion national debt sounds like a staggering sum, economist Lawrence Kotlikoff's estimate of the nation's real long-term indebtedness might bowl you over. Kotlikoff, who was a senior economist on President Reagan's Council of Economic Advisers, calculates the debt at $211 trillion.

"We have all these unofficial debts that are massive compared to the official debt," Kotlikoff, a professor at Boston University, said on the weekend edition of National Public Radio's All Things Considered. "If you add up all the promises that have been made for spending obligations, including defense expenditures," Kotlikoff said, "and you subtract all the taxes that we expect to collect, the difference is $211 trillion. That's the fiscal gap. That's our true indebtedness."

http://www.thenewamerican.com/econo...nomist-says-national-debt-really-211-trillion
 
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If a $14.3 trillion national debt sounds like a staggering sum, economist Lawrence Kotlikoff's estimate of the nation's real long-term indebtedness might bowl you over. Kotlikoff, who was a senior economist on President Reagan's Council of Economic Advisers, calculates the debt at $211 trillion.

"We have all these unofficial debts that are massive compared to the official debt," Kotlikoff, a professor at Boston University, said on the weekend edition of National Public Radio's All Things Considered. "If you add up all the promises that have been made for spending obligations, including defense expenditures," Kotlikoff said, "and you subtract all the taxes that we expect to collect, the difference is $211 trillion. That's the fiscal gap. That's our true indebtedness."

http://www.thenewamerican.com/econo...nomist-says-national-debt-really-211-trillion

Socialism sure is grand...:rolleyes:
 
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The question to me is, even with the best president on earth, is it possible ever to dig out of this debt? Or should we just give up

Most of that debt is in the form of promises to spend. We simply need to undo those promises. But if we did not then the debt translates into 700,000 per person - spread over say 60 years it is possible, but we would NEED to actually be paying it off and not increasing it. Could we trust any group of politicians to do that?
 
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