On Sunday on the John McLaughin's One on One program, the Comptroller General of the United States, David Walker, was being interviewed along with budget expert Stan Collender.
Walker said that the true financial debt of the United States is not the $6.4 TRILLION that is often mentioned, but is actually $30 TRILLION! That total debt is equivalent to about three years of US Gross Domestic Product (GDP). Or, it is equivalent to a public debt of $100,000 each for every citizen of the United States.
The obvious conclusion these experts have is that the United State government cannot afford to fund the many promises and obligations it made to very many people. I assume it is doubtful that even enormous tax increases would make much difference, other than hobble the economy and crush the middle class.
Between the public debt and private debt, it would appear America is way over its head in debt. I wonder what this means for the future tranquilty of America when all those Federal IOUs come due?
Walker said that the true financial debt of the United States is not the $6.4 TRILLION that is often mentioned, but is actually $30 TRILLION! That total debt is equivalent to about three years of US Gross Domestic Product (GDP). Or, it is equivalent to a public debt of $100,000 each for every citizen of the United States.
The obvious conclusion these experts have is that the United State government cannot afford to fund the many promises and obligations it made to very many people. I assume it is doubtful that even enormous tax increases would make much difference, other than hobble the economy and crush the middle class.
Between the public debt and private debt, it would appear America is way over its head in debt. I wonder what this means for the future tranquilty of America when all those Federal IOUs come due?