At present the U.S. government owes debtors, both private and public, foreign and domestic, more than $17 trillion, an amount about equal to the entire output of the American economy in one year. Put another way, it owes more than four times the total revenues taken in by that government in one year. But, according to Gokhale, this greatly underestimates the real unfunded liabilities of the government, by a factor of seven. Taking into account future promises, the government’s debt is closer to $120 trillion. thenewamerican/economy/commentary/item/17850-british-think-tank-predicts-financial-catastrophe-for-us
Posted on: Mon, 17 Mar 2014 19:49:58 +0000
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