“US National Debt Is Actually $70 Trillion”
In the News (from PressTV): “A new study by an American economist concludes that the U.S. federal debt is mind-bogglingly larger than it is officially said to be. The study by James D. Hamilton of the University of California, San Diego, says the U.S. government’s off-balance-sheet liabilities are six times the size of the official debt or $70.1 trillion. …
“But the $12 trillion federal debt is only the tip of the iceberg because the figure is not inclusive of a number of off-balance-sheet commitments and liabilities.
“But the officially reported debt is only one respect in which current policy has left a burden for future taxpayers. In addition the government has made a number of implicit and explicit commitments that are not included in the net debt figures just reported, but which could potentially require much larger adjustments in future spending or taxes than those associated with paying interest on the official debt itself. The biggest items in this category come from Social Security and Medicare which, if current policy is maintained, will require enormous sacrifices from future taxpayers.”
My Comment: Generally, it is not so important because no one will pay anything to anyone and is not going to pay, as they say, a war will delete anything, or vice versa, a transition to new relationships through the method of integral education will lead us to an agreement “to start everything anew. ”
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