FromTo


Article from Public Agenda

Everlasting Debt

From the AARP Bulletin print edition

Despite centuries of distaste for debt, the United States will be nearly $10 trillion in debt by Election Day 2008.

It has promised another $50 trillion or so in explicit and implicit benefits to be paid in the future—a number that has almost doubled during the presidency of George W. Bush; in fiscal parlance, these are “unfunded liabilities,” which businesses and state and local governments are forced to report on their books—but the federal government is not.