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The real U.S. national debt is $222 trillion, not $17 trillion

Think the U.S. national debt stands at  roughly $17 trillion?  Think again.  If this outrageous amount wasn’t bad enough, the actual national debt is closer to $222 trillion, according to Prof. Lawrence Kotlikoff of Boston University.  This is the real debt when you count all of the federal government’s unfunded liabilities for programs such as Medicare and Social Security.

What is frightening is that the debt increased $11 trillion just in the last year to reach the sum of $222 trillion.  This puts the real budget deficit at ten times the official reported number.  Indeed this makes the talk from Congress about cutting a couple trillion dollars in spending over a decade seem rather trivial – and ridiculous.

One thing is certain.  The United States government will default on its obligations.  It is a mathematical and economic certainty.  The only question is, will you live long enough to see it.  If you are under sixty years of age the chances are greater that you will live through the Great Default.

Here is an interview with Professor Laurence Kotlikoff in which he explains how the U.S. government hides the real debt number:

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Comments

  1. I find it amazing that we have to rely on Russian Television (RT) to ascertain the truth about our economic woes. Why do we need freedom of the press when our own media won’t report the truth.

  2. Well one day someone has to say it out loud. The United States have been like a naughty child they don’t want to speak about their ticks in public. So the Russians speak it out. The problem is deeply rooted in the nature of money which is debt. Although it is very convenient to borrow money on the web sites like http://www.cashloansonlinefast.com/, this money is not backed with any wrowth of economy.

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