(Before It's News)
Think the U.S. national debt stands at roughly $17 trillion? Think again
. If this outrageous amount wasn’t bad enough, the actual national debt is closer to $222 trillion, according to Prof. Lawrence Kotlikoff of Boston University. This is the real debt when you count all of the federal government’s unfunded liabilities for programs such as Medicare and Social Security.
What is frightening is that the debt increased $11 trillion just in the last year to reach the sum of $222 trillion. This puts the real budget deficit at ten times the official reported number. Indeed this makes the talk from Congress about cutting a couple trillion dollars in spending over a decade seem rather trivial – and ridiculous.
222 is my number. So that sounds about right. -Mort