Worthy Christian News » US News » Study: True size of federal government debt is $210 trillion

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

Thursday, June 4, 2015 | Tag Cloud

(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"]

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Worthy Christian News » US News » Study: True size of federal government debt is $210 trillion

1 thought on “Study: True size of federal government debt is $210 trillion

  1. Mr Obama, in his election promises in 2008 stated "you will not recognize the USA when I am finished'...well he is right...the once great nation has been brought to it's knees and is in trouble, financially, morally, spiritually, and in every category you care to name...the USA is in trouble. Of course Mr Obama is putting the finishing touches on the work of Pres. Clinton and Pres. Bush...these people obviously are NOT working to protect the country and it's consitution, but following another agenda..that os the globalists, for whatever reason..they all seem to do the bidding of their globalist masters. They are out to destroy all nation states, especially the once great republic of the USA.

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Worthy Christian News » US News » Study: True size of federal government debt is $210 trillion