the U.S. government has promised its citizens almost four times the entire net worth of the nation. If the government confiscated everyone's net worth, people would be left penniless, and the government would still be unable to fund these promises.
At the risk of confusing readers, the annual government deficit using Generally Accepted Accounting Principles (GAAP) is $11 trillion per year, not the $1.3 trillion that will be reported. Kotlikoff's calculations of the unfunded liabilities may be high. Other estimates are lower, but not enough to alter the conclusion that the U.S. is hopelessly broke. Gary North comments on lower estimates:
Even if Kotlikoff is wrong by a hundred trillion dollars, it becomes clear that Congress is completely incapable of dealing politically with this problem. It could not possibly raise the funds to balance the budget if the budget really is increasing by, say, $5 trillion per year [GAAP calculation].
Read more: http://www.americanthinker.com/2012/...#ixzz246A2tCcP
What part of " even if the government confiscated everyone's net worth, people would be left penniless, and the government would still be unable to fund these promises" don't moonbats get?