The American Empire in a Changing World


Tuesday, November 27, 2012

''Cox and Archer: Why $16 Trillion Only Hints at the True U.S. Debt''


''The actual liabilities of the federal government—including Social Security, Medicare, and federal employees' future retirement benefits—already exceed $86.8 trillion, or 550% of GDP. For the year ending Dec. 31, 2011, the annual accrued expense of Medicare and Social Security was $7 trillion. Nothing like that figure is used in calculating the deficit. In reality, the reported budget deficit is less than one-fifth of the more accurate figure.''

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