Saturday, November 5, 2011

U.S. National Debt Soon To Hit $15 Trillion

A sad and sobering figure, but one that in fact grossly understands the full magnitude of U.S. debt and other long-term obligations, both governmental and private. Indeed, if we add in social security, medicare, prescription drug benefit obligations, along with state and local debt and all private debt (mortgage debt, credit cards and student loans), the figure exceeds $120 trillion, or about $1 million for every taxpayer in America.


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