Graphing the national debt and unfunded liabilities thru 2009. Dr. Kotlikoff, economics professor at Boston University, has the 2010 numbers below.
Kotlikoff: "The U.S. is bankrupt and we don't even know it..."
Bloomberg Video: Dr. Laurence Kotlikoff economics professor at Boston University, discusses the national debt and unfunded liabilities - Aug. 11, 2010
Using CBO data, Kotlikoff says the real national debt is $202 trillion.
Compare the official deficit numbers for July - $165 billion - with the numbers for all of 2002 - where $165 billion covered the deficit for the entire fiscal year.
The Congressional Budget Office whose Long-Term Budget Outlook, released in June, shows an even larger problem - Unofficial Liabilities.
Based on the CBO’s data, I calculate a fiscal gap of $202 trillion, which is more than 15 times the official debt. This gargantuan discrepancy between our “official” debt and our actual net indebtedness isn’t surprising. It reflects what economists call the labeling problem. Congress has been very careful over the years to label most of its liabilities “unofficial” to keep them off the books and far in the future.