(Community Matters) The estimated gap between future U.S. tax receipts and spending? $211 trillion according to Boston University Professor Kotilkoff (and yes those figures are discounted to present values). Sure makes the $14 trillion we’ve been debating seem more manageable doesn’t it?
Interestingly, the social security spend totals $110 trillion and receipts total $132 trillion. So, unless I’m missing something, we owe previous Congress’ and administrations for this.
IT’S HEALTHCARE, STUPID! Medicare, medicaid & other healthcare future costs are estimated at $280 trillion. All future personal income taxes only total $137 trillion. All future corporate and other taxes only total $60 trillion. The $280 trillion doesn’t include future commitments for defense, education, infrastructure or ANYTHING else.
I recommend the Aug 1 – 7 issue of Bloomberg Businessweek – cover story: Why the Debt Crisis is Even Worse Than You Think
(I’ll post links after one more flight connection and upon settling in. Posted from my blackberry – done)
Noted earlier on Facebook: I’m debating how active an investment strategy is too active. I really don’t like European bond or equity exposure. Also, I believe a passive investment strategy is ridiculous.
Community Matters 