Australian Newspaper Accuses US of hiding Debt - Says 200 Trillion - not 13 Trillion

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metalsinvestor's picture
metalsinvestor
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Joined: Sep 14 2010
Posts: 14
Australian Newspaper Accuses US of hiding Debt - Says 200 Trillion - not 13 Trillion
 
Can you imagine if this was true! U.S. debt possibly 200 Trillion not the 13 Trillion as claimed by the U.S. Govt.
  There would be no words for this amount of debt - the U.S. would be more than bankrupted ...
 
Accuses US of hiding real debt.
 
Portions:
 
"The Government is lying about the amount of debt. It is engaging in Enron accounting," said Laurence Kotlikoff, an economist at Boston University and co-author of The Coming Generational Storm: What You Need to Know about America's Economic Future.
 

Mr Kotlikoff and Mr Moylan agree US national debt is much more than the official $US13.4 trillion number, but they disagree over how to add up the exact number.

Mr Kotlikoff says the debt is actually $US200 trillion.

Mr Moylan says the number is likely about $US60 trillion.

That is close to the figure quoted by David Walker, the US Comptroller General from 1998 to 2008.

He launched a campaign to convince Americans that the federal spending and debt is a greater threat than terrorism.

But whichever figure is accurate, all three agree that the problem has worsened in the last few years.

They say it is because Congress and the Administration, whether Republican or Democrat, consistently overspend.


mainecooncat's picture
mainecooncat
Status: Gold Member (Offline)
Joined: Sep 7 2008
Posts: 488
Re: Australian Newspaper Accuses US of hiding Debt - Says ...

Just to be clear here, an "Australian newspaper" isn't accusing anyone of anything. They are simply reporting the Laurence Kotlikoff story about the US cooking the books, etc.

However, doubtless many Australians will see this and become aware of the enormity of the fraud of US government accounting for the first time. And that's a good thing

I think this story is also representative of a trend that finds more and more people, institutions, companies and nations admitting aloud, also for the first time, that they clearly see the elephant in the room before them.

Whispers in darkened corners are now becoming conversations held in broad daylight.

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