US Government 'hiding true amount of debt'

NewsCore ^ | September 20, 2010 9:09AM | Gregory Bresiger

[Ernest_at_the_Beach]

THE actual figure of the US' national debt is much higher than the official sum of $US13.4 trillion ($14.3 trillion) given by the Congressional Budget Office, according to analysts cited on Sunday by the New York Post.

"The Government is lying about the amount of debt. It is engaging in Enron accounting," said Laurence Kotlikoff, an economist at Boston University and co-author of The Coming Generational Storm: What You Need to Know about America's Economic Future.

"The problem is we're seeing an explosion in spending," added Andrew Moylan, director of government affairs for the National Taxpayers Union.

In 1980, the debt - the accumulated red ink incurred by the Federal Government - was $US909 billion.

This represented some 33 per cent of gross domestic product, according to the Congressional Budget Office (CBO).

Thirty years later, based on this year's second-quarter numbers, the CBO said the debt was $US13.4 trillion, or 92 per cent of GDP.

[Ernest_at_the_Beach]

fyi

[NoControllingLegalAuthority]

A trillion dollars here and a trillion dollars there and, pretty soon, you’re talking REAL money.

[TruthHound]

"In the case of Social Security, beginning in 2016, the US Government will be paying out more than it is collecting in taxes..."

Change.

[RobRoy]

The real problem is, at least IMO, that nobody that actually pays attention to this thinks their numbers have anything whatsoever to do with reality. For me, the numbers are completely irrelevant.

The words are as useless as the words of a teenager caught with a joint in his pocket that says “I was holding it for a friend”.

[KoRn]

"A trillion dollars here and a trillion dollars there and, pretty soon, you’re talking REAL money."

A debased currency is more like it.....

[no-to-illegals]

It is sad when truth is viewed in full.

Why would our government lie?

my question is...can anyone remember when
our government has told us the truth?

maybe the answer is about 1983?

before 1983, maybe 1962?

before 1962, maybe 1945?

[BipolarBob]

"In the case of Social Security, beginning in 2016, the US Government will be paying out more than it is collecting in taxes..."

Change.

November

Hope

[USFRIENDINVICTORIA]

Someday, everyone will have trillions of dollars in their pocket. Otherwise, how could they leave a tip at the coffee shop?

[longtermmemmory]

don’t laugh but in Washington DC’s airport they have a Michelle Obama trillion dollar note!

[Razzz42]

‘hiding true amount of debt’

Probably just ran out of zeros.

[Ernest_at_the_Beach]

Pixels can be made smaller....

[PushinTin]

http://usdebtclock.org/

[Toddsterpatriot]

THE actual figure of the US' national debt is much higher than the official sum of $US13.4 trillion ($14.3 trillion) given by the Congressional Budget Office

Until money is borrowed, it's not debt. Sorry.

[Ernest_at_the_Beach]

Thanks,...afternoon and night reading....LOL!