RE: Currently, debt is well over 100% of GDP
They’re not even factoring in our UNFUNDED LIABILITIES.
Most Americans know that our nation is spending more than it is taking in (the deficit). Though many on the Left do not seem to understand (or care about) the consequences of out of control spending, most Americans do know that the nation has America has over $18 trillion in debt–or, nearly $56,000 of debt for every man, woman and child.
While $18 trillion of debt is clearly unsustainable, what is even more alarming is what we are not talking about: The fact that, in addition to the $18 trillion of debt we currently have, every man, woman, and child in America also is on the hook for nearly $400,000 in unfunded liabilities–or, over $1 million for every household.
The actual liabilities of the federal government—including Social Security, Medicare, and federal employees’ future retirement benefits—already exceed $87 trillion, or 550% of GDP.
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.
Why haven’t Americans heard about the titanic $87 trillion liability from these programs? One reason: The actual figures do not appear in black and white on any balance sheet.
Enfunded liabilities are not debts YET. What they exclude is the bonds Treasury issued to the Social Security fund when they raided all the cash. This is 5 Trillion, putting the current debt/gdp ratio well over 100%