Super Hero Justice League Team America.

[overachiever]

America's debt woe is worse than Greece's

By Laurence J. Kotlikoff, Special to CNN
September 20, 2011 -- Updated 1043 GMT (1843 HKT)

"To grasp the magnitude of our nation's insolvency, consider what tax hikes or spending cuts are needed to eliminate our fiscal gap. The answer is an immediate and permanent 64% increase in all federal revenues or an immediate and permanent 40% cut in all federal noninterest spending.

Such adjustments go miles beyond anything Congress and the president are considering. No wonder. They are focused on limiting growth in the official debt, while ignoring what's happening to the unofficial debt. To understand the thickness of their blinders, note that the fiscal gap, after inflation, grew by $6 trillion last year, whereas the official debt grew by only $1 trillion. Hence, our leaders are looking at one-sixth of the problem."

For full article, go here:
http://edition.cnn.com/2011/09/19/opinion/kotlikoff-us-debt-crisis/index.html?hpt=hp_t2