Study: True size of federal government debt is $210 trillion

Thursday, June 4, 2015 | Tag Cloud | Learn about out FREE SYNDICATION

(Worthy News)– U.S. government debt stands at $210 trillion, not the official $13.1 trillion, according to a new working paper published by the Mercatus Center at George Mason University. That’s equivalent to $654,205 per person in the United States, 16 times higher than the current official level, the Washington Examiner reported.

The paper was authored by Laurence Kotlikoff, an economics professor at Boston University, and Adam Michel with the Mercatus Center. Rather than examine how much debt the government has now, they included how much debt the government will take on in the future.

Fixing the problem will be an enormous undertaking. “No adjustment that sufficiently addresses the US government’s enormous fiscal gap will be small,” Kotlikoff and Michel wrote. “To eliminate the shortfall solely through tax increases, the government would have to immediately and permanently raise all federal taxes — personal and corporate income taxes, excise taxes, and Social Security taxes — by 58 percent.” –[wp_colorbox_media url=”http://www.washingtonexaminer.com/study-true-size-of-federal-government-debt-is-210-trillion/article/2565559″ type=”iframe” hyperlink=”Source”]

We're being CENSORED ... HELP get the WORD OUT! SHARE!!!
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Worthy Christian News