From WSJ.com
''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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