Former Congressman Joseph J. DioGuardi: US National Debt Is a Ticking Time Bomb

June 7, 2011 - PRLog -- Debt is Making Us Poor.

As a Certified Public Accountant (CPA) and former Member of Congress, I say that every citizen has the right to know the real cost of government.

I want to make the point, loud and clear, that we are living on borrowed money and on borrowed time. U.S. taxpayers collectively owed $4.5 trillion at the end of 1996 and that each taxpayer owed $45,433.

Incredibly, the national debt, subject to the statutory debt ceiling, has since skyrocketed to $14.3 trillion, and so today each taxpayer owes $143,000.

But, even worse, that number is actually inaccurate. Politicians do not want you to know that there is another $40-to-$50 trillion in unfunded liabilities (depending on how you measure the projected shortfall in Medicare) that would bring each taxpayer’s share of US total debt obligations and liabilities to well over $500,000.

Read the rest at http://www.economywatch.com/economy-business-and-finance-news/us-national-debt-is-a-ticking-time-bomb.07-06.html

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