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Debt is over $500K Per Family

While debt is an issue, you can't really account for a government in the same manner as you would a business. Many of those future liabilities will be met with future tax revenues.
 
While debt is an issue, you can't really account for a government in the same manner as you would a business. Many of those future liabilities will be met with future tax revenues.

Huh? Maybe I am misreading you, but not if we're operating at a deficit. as mentioned in the article, the government does not record the debt until it is incurred, so this isn't forthcoming 2011-2012 debt to be offset by future tax revenues, this is unpaid debt arising from 2010 expenditures.
 
No, this is estimated debt including all future SS and Medicare obligations of every worker and retirees alive today based on what they would be entitled to as of today.
 
Right, based on what they would be entitled to today, not what the additional amounts they will be entitled to in the future as those obligations grow (which additional portion would be the amount theoretically offset by future taxes). So if we're outspending our current revenues, then that gap is not going to get smaller as we move forward absent some other massive change.
 
While debt is an issue, you can't really account for a government in the same manner as you would a business. Many of those future liabilities will be met with future tax revenues.

Even with future tax receipts this is one colossal cluster fuck that is threatening to swamp us.
 
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