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America's True National Debt: $87 Trillion

Byron81 Wrote: Nov 28, 2012 3:32 PM
That's not so bad. We just need to collect $10,000 from everyone on the planet and then we'll only owe 7 trillion. This is so simple I can't believe everyone is so upset.

This piece came out in yesterday's Wall Street Journal, but its content is too important to let it glide past without sufficient amplification.  Its authors are Chris Cox (a former Congressman and SEC Chairman) and Bill Archer (the former Chair of the House Ways and Means Committee).  Both were members of President Clinton's bipartisan commission on tax and entitlement reform in 1994.  As today's politicians bicker over the minutiae of a deal to avert the man-made disaster known as the "fiscal cliff," Cox and Archer warn that America is headed toward a far more dangerous precipice if our...