by Laurence J. Kotlikoff
NCPA, January 29, 2010
When it comes to nondisclosure, the United States government is the father of all financial malfeasants. Indeed, Uncle Sam has been misrepresenting the nation’s finances for decades. In the process, he has run up an undisclosed bill that makes the financial bailout and economic stimulus spending look paltry.
Federal Financial Obligations. According to David M. Walker, former chief comptroller general of the United States, the federal government’s current liabilities to Medicare, Social Security and the federal debt total $56.4 trillion. To put this in perspective:
- The average Social Security, Medicare and Medicaid benefit payment per retiree is currently $30,250 – or about 80 percent of per capita U.S. gross domestic product (GDP).