The Scary ACTUAL!! US Government Debt

Them thar Stuppid Forreners is on to Us Now: The Canadian Newspaper The Globe And Mail - Wednesday edition, decided to take Obama to task for his reckless spending habits: Boston University economist Laurence Kotlikoff says US government debt is NOT $13.5 trillion US dollars, which is 60 per cent of current gross domestic product, as global investors and American taxpayers think, but rather 14-fold higher: $200-trillion- 840 percent of current GDP. "Let's get real," Prof Kotlikoff says. "The US is bankrupt." Writing in the September issue of Finance and Development, a journal of the International Monetary Fund, Professor Kotlikoff says the IMF itself has quietly confirmed that the US is in terrible fiscal trouble - far worse than the Washington-based lender of last resort has previously acknowledged. "The US fiscal gap is huge," the IMF asserted in a June report. "Closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 13 per cent of US GDP." This sum is equal to all current US federal taxes combined. The consequences of the IMF's fiscal fix, a doubling of federal taxes in perpetuity, would be appalling - and possibly worse than appalling.