Economists say U.S. debt grew $11 trillion in one year
J. Scott Applewhite, Associated Press
The U.S. government’s fiscal gap grew by $11 trillion over the past year, which is 10 times larger than the reported official deficit, according to Bloomberg.
Calculations from Laurence Kotlikoff, an economist at Boston University, and Scott Burns, a personal finance columnist, calculated the fiscal gap based on the Congressional Budget Office’s realistic long-term budget forecast.
“Last year, it was $211 trillion,” said Kotlikoff and Burns in their guest column for Bloomberg. “The $11 trillion difference — this year’s true federal deficit — is 10 times larger than the official deficit and roughly as large as the entire stock of official debt in public hands.”
The authors recommend a permanent 64 percent increase in all federal taxes, as well as a 40 percent cut to benefits like Social Security and Medicare.
“Governments, like households, can’t indefinitely spend beyond their means,” Kotlikoff and Burns said.
The two co-authored “The Clash of Generations,” a book that calls for changes in the U.S. tax, health care and Social Security systems.
- About Utah: Baltic Avenue just bought Boardwalk!
- 2 Utah companies respond to FDA warning over...
- Ground broken for transit-oriented housing...
- Suit: Papa John's fired worker with Down...
- Family fun with the top down at unique RV resort
- How to be a billionaire
- 4 things you don't want your boss to know
- Commission to highlight women in Utah economy
- 2 Utah companies respond to FDA warning... 18
- Marijuana could deliver more than $800... 8
- 4 things you don't want your boss to know 6
- USDA: Genetically modified wheat found... 3
- Work is sometimes the best medicine 3
- Something that may have caused the... 3
- How to be a billionaire 3
- About Utah: Baltic Avenue just bought... 3