Friday, December 21, 2012

US Debt & Liabilities Set To Increase A Staggering $70 Trillion

"...Greyerz also added: “U.S. debt is increasing by approximately $1.5 trillion per year. If you add to that the increase in unfunded liabilities, you get an increase, only in 2012, of $7 trillion.
So total debt and unfunded liabilities increase in 2012 by (a staggering) $7 trillion. If you multiply $7 trillion by ten years you get to $70 trillion. And you can see that the whole fiscal cliff debate is about a measly $1.2 trillion over ten years, against a potential increase in the total debt in the US of $70 trillion.
So it is so sad to see this desperate situation when politicians worldwide refuse to face up to the real catastrophic state the world is in. Instead, they are just tinkering with the edges.”

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