Nobody who has even a passing acquaintance with economics could
fail to realize that Western governments are highly indebted.
Current generations have been consuming at the expense of future
generations. However, just how indebted are we? The government
measures how much it has borrowed to meet past spending
commitments, but it does not measure how much money it needs to
meet all the future pensions and healthcare promises it has made to
tomorrow's older generations. Furthermore, no funds have been set
aside to provide for these costs.
In The Government Debt Iceberg, Jagadeesh Gokhale
reveals the extent to which western governments are keeping
taxpayers in the dark about true levels of debt by hiding the
magnitude of future spending commitments that cannot be met by
future tax receipts.
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