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US has debt and unfunded liabilities of over $1,400,000 per taxpayer.



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US has debt and unfunded liabilities of over $1,400,000 per taxpayer.

Post by Lobo on Wed 01 Jul 2015, 2:07 pm

US has debt and unfunded liabilities of over $1,400,000 per taxpayer. When will US bonds react? Kotlikoff has US debt of $1,720,000 per taxpayer:

by IWB · June 30, 2015
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Renowned economist Laurence Kotlikoff recently testified at the U.S. Senate about the runaway U.S. budget.  How bad is it?  Kotlikoff says, “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.”


    Current date/time is Fri 28 Oct 2016, 7:09 am