Letter: Let’s get real about government debt
Reality begins to dawn when one takes the time to make a few simple inquiries involving the true liabilities in the burgeoning national debt.
While the current reported national debt is in excess of $17 trillion, how many are aware of the debt in other facets of government?
The debt of countless state and federal governments’ public employee pension liabilities are estimated to be over $3 trillion. Meanwhile, the Social Security program is underfunded by $18.8 trillion. Not to be outdone, Medicare has also made a significant contribution to that debt overall. Medicare Part B is about $22.4 trillion in debt, while the Part D burden is about $16 trillion. Since these numbers were compiled in 2012, there are no current actual numbers that calculate the combined debt of Medicare and the impact of Obamacare on that debt.
I hesitate to mention the $5.4 trillion of debt created when Fannie Mae and Freddie Mac were taken into conservatorship.
There is currently no single precise measure of U.S. debt. According to professor Laurence Kotlikoff, an economist at Boston University, the U.S. debt fiscal gap is an estimated $202 trillion. To quote the professor, “Let’s get real. The U.S. is bankrupt.”
It is also quite evident that current and past politicians have created a huge Ponzi scheme that makes Bernie Madoff appear but a piker.
Port Haywood, Va.