patrick.net

http://www.nytimes.com/2014/08/01/opinion/laurence-kotlikoff-on-fiscal-gap-accounting.html
"Social Security is a prime example. It takes in money, via payroll taxes, while promising hefty retirement benefits in return. Dig deep into the appendix of the most recent Social Security Trustees Report, released on Monday, and you'll find that the program's unfunded obligation is $24.9 trillion “through the infinite horizon” (or a mere $10.6 trillion, as calculated through 2088). That's nearly twice the $12.6 trillion in public debt held by the United States government."

"The fiscal gap — the difference between our government's projected financial obligations and the present value of all projected future tax and other receipts — is, effectively, our nation's credit card bill. Eliminating it, would require an immediate, permanent 59 percent increase in federal tax revenue. An immediate, permanent 38 percent cut in federal spending would also suffice. The longer we wait, the worse the pain. If, for example, we do nothing for 20 years, the requisite federal tax increase would be 70 percent, or the requisite spending cut, 43 percent."

"Based on these estimates, I calculate that the “fiscal gap” — a yardstick of total government indebtedness that I've worked on with the economists Alan J. Auerbach and Jagadeesh Gokhale — was $210 trillion last year, up from $205 trillion the previous year. "
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The moron wants to pay NOW something that is due over the next 100 years?
Does he know the GDP is 17 Trillions? Times 100, that 1700 Trillion even outside any growth. What tiny part of this is $24Trillions? Even $210 Trillions, especially if you consider growth of even 1%/yr will bring GDP to 27 Trillions in 50yrs?

This is unbelievably deceptive and really unfortunate that this kind of propaganda finds its way in an otherwise respected publication. You can't trust anyone these days.