Ex-GAO official: The real national debt? … $65 trillion

The real national debt, on an NPV basis (net present value) of unfunded liabilities, is beyond containment.  And it is growing worse by the month.

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The Hill  –  November 07, 2015
Ex-GAO Head: Real Debt Closer to $65 Trillion... 

Excerpts:

The former U.S. comptroller general says the real U.S. debt is closer to about $65 trillion than the oft-cited figure of $18 trillion.

Dave Walker, who headed the Government Accountability Office (GAO) under Presidents Bill Clinton and George W. Bush, said when you add up all of the nation’s unfunded liabilities, the national debt is more than three times the number generally advertised.

“If you end up adding to that $18.5 trillion the unfunded civilian and military pensions and retiree healthcare, the additional underfunding for Social Security, the additional underfunding for Medicare, various commitments and contingencies that the federal government has, the real number is about $65 trillion rather than $18 trillion, and it’s growing automatically absent reforms”…..

The former comptroller general, who is in charge of ensuring federal spending is fiscally responsible, said a burgeoning national debt hampers the ability of government to carry out both domestic and foreign policy initiatives.

“If you don’t keep your economy strong, and that means to be able to generate more jobs and opportunities, you’re not going to be strong internationally with regard to foreign policy, you’re not going to be able to invest what you need to invest in national defense and homeland security, and ultimately you’re not going to be able to provide the kind of social safety net that we need in this country,” he said.

He said Americans have “lost touch with reality” when it comes to spending.

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No, Mr. Walker. The U.S. government “lost touch with reality” when it fire-hosed trillions of dollars in direct liquidity extensions, credit guarantees, toxic debt purchases, and emergency loans to the Wall Street financial sector – to rescue them from their greed-driven stupidity.

And the U.S. government has “lost touch with reality” in its approach to allocating resources for social welfare programs.

Our $65 trillion debt signals “game over.”

It is time for a new beginning – and some old-fashioned “outside-the-box” thinking.

The Leviticus 25 Plan 2015 –  $70,000 per U.S. citizen                                                   The Leviticus 25 Plan 2015 (1193)

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