Wednesday, December 21, 2011

It's Official: US Debt-To-GDP Passes 100%

As bad as our fiscal condition is in official terms, the unofficial debt including all obligations (entitlements, bailouts, etc.) is somewhere north of $200 trillion, according to Dr. Kotlikoff of Boston University.  Official US government debt calculations abuse GAAP accounting rules in order to obfuscate the true rot of its balance sheet.  In layman's terms, our government cooks its own accounting books.  See here.

Yes, it is that bad.  In fact, it is far worse than one could ever imagine.

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