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Keyword: karldeninger

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  • Oh, About Those Unfunded Liabilities

    11/27/2012 11:35:39 AM PST · by SatinDoll · 11 replies
    Market Ticker ^ | Nov. 27, 2012 | Karl Deninger
    In the duh department we have this: * * * * * * * * * * * 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. * * * * * * * * * * * Did you get that?...