Do you think you know how bad our debt really is?   Watch this entire video.   Sit down first. https://www.youtube.com/watch?v=yibVqwqMLHM …. it’s long, but it’s fact filled and ends with an utter knock-out punch to the lie you are being told about our debt.

“The actual liabilities of the federal government—including Social Security, Medicare, and federal employees’ future retirement benefits—already exceed $86.8 trillion, or 550% of GDP…”    

“According to the most recent tax data, all individuals filing tax returns in America and earning more than $66,193 per year have a total adjusted gross income of $5.1 trillion. In 2006, when corporate taxable income peaked before the recession, all corporations in the U.S. had total income for tax purposes of $1.6 trillion. That comes to $6.7 trillion available to tax from these individuals and corporations under existing tax laws.”

“In short, if the government confiscated the entire adjusted gross income of these American taxpayers, plus all of the corporate taxable income in the year before the recession, it wouldn’t be nearly enough to fund the over $8 trillion per year in the growth of U.S. liabilities.” ~ Mr. Chris Cox, a former chairman of the House Republican Policy Committee and the Securities and Exchange Commission, is president of Bingham Consulting LLC. Mr. Bill Archer, a former chairman of the House Ways & Means Committee, is a senior policy adviser at PricewaterhouseCoopers LLP.http

“Why $16 Trillion Only Hints at the True U.S. Debt: Hiding the government’s liabilities from the public makes it seem that we can tax our way out of mounting deficits. We can’t.”  

http://online.wsj.com/news/articles/SB10001424127887323353204578127374039087636