Debt and fiscal management have bankrupted America. Enron-style accounting, supported by FASB and other regulator boards, hides the true extent of the debt burden that will never be repaid in anything close to constant dollar terms. The easy thing about denial is that it's always the other guy's problem.
The “real” deficit - including non-budgetary items like unfunded liabilities of Medicare, Medicaid, Social Security and the defense budget - is actually $202 trillion, the professor and author calculates; or 15 times the “official" numbers.
Source:
finance.yahoo.com
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