Laurence J. Kotlikoff served as a senior economist on President Ronald Reagan’s Council of Economic Advisers and is a professor of economics at Boston University
“If you add up all the promises that have been made for spending obligations, including defense expenditures, and you subtract all the taxes that we expect to collect, the difference is $211 trillion. That’s the fiscal gap,” he says. “That’s our true indebtedness.”
We don’t hear more about this enormous number, Kotlikoff says, because politicians have chosen their language carefully to keep most of the problem off the books .... http://www.maxkeiser.com
