$205 Trillion Dollars - That is the true amount of US Federal Debt and current unfunded liabilities. The $205 trillion fiscal gap is enormous. Its 10 percent of the present value of all future GDP. Equivalently, it corresponds to 10 percent of GDP year in and year out for as far as the eye can see. To raise 10 percent of GDP each year we could (a) raise all federal taxes, immediately and permanently, by 57 percent, (b) cut all federal spending, apart from interest on the debt, by 37 percent, immediately and permanently, or (c) do some combination of (a) and (b). Click below to learn what the current government does not what you to know. What do you think is going to happen when the government has to radically cut expenses. Who will feed those on the Federal Subsidies that will no longer exist. What will happen to those dependent on Welfare when it does not get paid? garynorth/public/11776.cfm
Posted on: Tue, 30 Dec 2014 20:27:50 +0000
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