[MONEY] tick tock ... jump ship if you still can → USA with $210 trillion in unfunded liabilities

[Zenaan Harkness]

No new surprises, just larger figures than most are aware - future
spending promises of military, pensions, public services etc total
$210,000,000,000,000.00, i.e. $210 trillion, in today's money.

Implosion imminent, for ❴any time now ←—→ up to a few years❵ values
of “imminent”.

Good luck all,



"You May Be Hopping Mad When You Finish Reading This"
http://www.zerohedge.com/news/2017-10-08/210-trillion-problem-you-may-be-hopping-mad-when-you-finish-reading
…
 The fiscal gap is the present value of all projected future
 expenditures less the present value of all projected future taxes.
 The fiscal gap is calculated over the infinite horizon. But since
 future expenditures and taxes far off in the future are being
 discounted, their contribution to the fiscal gap is smaller the
 farther out one goes. The $210 trillion figure is based on the
 Congressional Budget Office’s July 2014 Alternative Fiscal Scenario
 projections, which I extended beyond their 75-year horizon.

 The journalists used a very poorly researched analysis, which fit
 their political bias (shocking, I know). Apparently they take that
 fabricated analysis more seriously than they do the views of 17
 Nobel Laureates in economics and over 1200 PhD economists from MIT,
 Harvard, Stanford, Chicago, Berkeley, Yale, Columbia, Penn, and
 lesser known universities and colleges around the country. Each of
 these economists has endorsed The Inform Act, a bi-partisan bill
 that requires the CBO, GAO, and OMB to do infinite horizon fiscal
 gap accounting on a routine and ongoing basis.

 Now why would 17 Nobel Laureates and over 1200 US economists, all
 listed by name at www.theinformact.org, including many, like Jeff
 Sachs, who lean to the left, and others, like Glenn Hubbard, who
 lean to the right, endorse infinite horizon accounting. Because
 they understand something that I told Michelle repeatedly and have
 also told Bruce Barlett repeatedly. The fiscal gap is the only
 measure of our fiscal position that is mathematically
 well-defined.

 Every other fiscal measure, including fiscal gaps calculated over
 any finite horizon, such as the CBO’s 25-year fiscal gap Michelle
 references, are not mathematically well defined. The infinite
 horizon is mathematically well defined because it is the same number
 no matter what choice of internally consistent fiscal words we use
 to label government receipts and payments. Moreover, the infinite
 horizon fiscal gap is the only measure of our fiscal policy’s
 sustainability that puts everything on the books. It is also the
 only measure of our fiscal policy’s sustainability that is invariant
 to the choice of words.
…