Actual US Deficit $8 Trillion, Greater Than $6.6 Trillion After T
It was an Aha moment for me when I read Chris Cox and Bill Archer’s op-ed in today’s Wall Street Journal. By the way this article is must reading and linked to on our blog site.
The specific Aha was that these two former Clinton Economists had uncovered, buried in the annual Medicare Trustees Report, that the growth in today’s dollars of future Medicare and Social Security obligations is a whopping $7 trillion annually. What that means is if the US were a public company it would have to report a loss of $7 trillion this year, and that would boost the current budget deficit to $8 trillion. What is more incredible is that total after tax income for all Americans is $6.6 trillion, less than what the government is spending in the real world!