In 1980, the debt - the accumulated red ink incurred by the Federal Government - was $US909 billion.
This represented some 33 per cent of gross domestic product, according to the Congressional Budget Office (CBO).Thirty years later, based on this year's second-quarter numbers, the CBO said the debt was $US13.4 trillion, or 92 per cent of GDP.
The CBO estimates the debt will be at $US16.5 trillion in two years, or 100.6 per cent of GDP.But these numbers are incomplete.
They do not count off-budget obligations such as required spending for Social Security and Medicare, whose programs represent a balloon payment for the Government as more Americans retire and collect benefits.In the case of Social Security, beginning in 2016, the US Government will be paying out more than it is collecting in taxes.
Read more: http://www.news.com.au/business/breaking-news/us-government-hiding-true-amount-of-debt/story-e6frfkur-1225926567256#ixzz10CRVoDCR
Read more: http://www.news.com.au/business/breaking-news/us-government-hiding-true-amount-of-debt/story-e6frfkur-1225926567256#ixzz10CRHenwj
Tuesday, September 21, 2010
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