Following my post last night about the debt crisis in the USA, a former head of the General Accounting Office has reminded us of the sobering truth, yet again.
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.
. . .
“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,” Walker told host John Catsimatidis on “The Cats Roundtable” on New York’s AM-970 in an interview airing Sunday.
. . .
“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.
There's more at the link.
Mr. Walker is absolutely right, of course. Anyone with two brain cells to rub together can see the impending debt implosion staring us in the face. The only ways to avoid it will be to default on payment; inflate the debt out of existence by making its dollar amount meaningless in terms of the value of the currency; or simply ignore reality and carry on as we have for the past few decades.
The latter seems to be the course currently being followed by our political leaders . . . and we're all going to pay the price for their fecklessness when the bill eventually comes due.