Federal Deficit at $9 Trillion? How about $56 Trillion?
The Federal debt that is normally reported is bad enough at over $9 trillion. But according to www.truthin2008.org the real number is more like $56 trillion, six times as high. That’s what happens when you consider all the unfunded liabilities, that is, all the promises the fiscal geniuses in Washington have made to seniors, baby boomers and Americans of every other stripe whose votes need to be bought and paid for. Well – at least bought – the paying is another story.
Some kids can’t wait for their inheritance but how many of them know that their government has socked them each with $180,000 mortgage on their future.
TruthIn2008.org is fighting back with a website featuring lots of fiscal facts and by asking candidates to sign the Truth in 2008 Pledge which includes a promise to:
- Highlight the federal government’s true financial condition of more than $54 trillion, which includes our unfunded liabilities and Social Security and Medicare promises;
- Provide an honest calculation of the short- and long-term costs of every campaign promise;
- Present a realistic plan on how such promises will be paid for and;
- Discuss how much further in debt such promises would put us.
I’ll be sending a copy of to my Senators and Representaive, Chuck, Hillary and Carolyn. Any bets on which of those three pillars of fiscal discipline will sign on? I’ll keep you posted.