(Via Cato)
Nobody who has even a passing acquaintance with economics could fail to realize that Western governments are highly indebted. Current generations have been consuming at the expense of future generations. However, just how indebted are we? The government measures how much it has borrowed to meet past spending commitments, but it does not measure how much money it needs to meet all the future pensions and healthcare promises it has made to tomorrow’s older generations. Furthermore, no funds have been set aside to provide for these costs.
In The Government Debt Iceberg, Jagadeesh Gokhale reveals the extent to which western governments are keeping taxpayers in the dark about true levels of debt by hiding the magnitude of future spending commitments that cannot be met by future tax receipts.
Click here to download the free PDF.
9 comments
Guess I better get busy rearrange those deck chairs on this behemoth.
Don’t worry, I’ll save you.
WEeeerrrrere allllll gonnanannana diiiieeeeee!
Well, you saw the story about the buffalo leaving Yellowstone National Park after the earthquake last weekend, somebody’s fixin’ ta die.
Just like the elephants and other animals that departed for higher ground in the 2004 Indonesian tsunami. One elephant on the beach which tourists rode had a six year old boy on it and took the boy up to safety.
Maybe I just didn’t/don’t notice but when they show pictures of the tsunamis, volcanic eruptions, etc. I don’t see dead dogs or cats (unless tied up or otherwise restrained). If I lived out there (near Yellowstone) I would be watching the wildlife very closely these days and have a bug out bag by the door.
When the govt. runs out of our money it is all over. Notice I didn’t say D or R. It all started with LBJ in 64. But we had control of the govt. from 2000 till 2006. Both houses of congress and the White House and didn’t stop it. We needed the Tea Party in 2000. It may be too late to save our country but we should all try. The best way I can help is: RESTORE HONOR VOTE CONNOR. We can’t change Washington till we change the people we send there.
“When the govt. runs out of our money it is all over.”
There’s still a lot of that left, much more pain we can endure. Plus, they have the printing press to supplement their theft.
If you want an example of how much pain people can take, look at the 80’s USSR population and witness the economic misery and suffering they endured for decades. They were rented mules that were beat daily.
I don’t think we need worry about going broke. It will be the ones holding all that debt who should be worried. Besides climate change will destroy us first. So see nothing to worry about.