The enormity of the federal government’s liabilities is the biggest challenge we face. As of the moment I write this, national debt stands at about $14.652 trillion (add a few billion by the time you read this). Yet debt is only a part of the equation: Boston University economist Lawrence Kotlikoff estimates that the “real liability” of the federal government is actually in excess of $70 trillion.
No wonder markets weren’t jumping for joy when Congress and the president agreed to a deal that nets only $900 billion in cuts over the next 10 years.
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