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Daily Chain Pull: The National Debt

As Per American Conservative:

“When people speak of “the national debt,” they usually have in mind the official Treasury securities held by the public. This figure is currently about $11.45 trillion (72% of GDP). However, this is just a small portion of the total indebtedness of the federal government, once we include all of the implicit obligations in the current benefit schemes for Medicare, Social Security, and other social insurance programs. Using GAAP procedures the way they would be applied to a corporation that had pension obligations for its employees, the federal government could be in the hole more than $70 trillion.

*KER-FLUSH!*


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