According to the official government data, the United States asserts its future obligations, as of Q2 2014, are $16.5 trillion. However, TrimTabs founder Charles Biderman says that is wrong, the actual figure of the country’s future obligations, which is $98 trillion. “This does not bode well for future generations,” Biderman warns, adding “either Obama is ignorant of future US government obligations or he is hiding the truth.”
Charles Biderman, founder of TrimTabs Investment Management Float Shrink (TTFS) says the U.S. gives its future obligations, as of Q2 2014, as $16.5 trillion. But, in fact, Biderman says, the actual number is $98 trillion.
“Either Obama is ignorant of future US government obligations or he is hiding the truth,” slammed Biderman.
“If the United States were a public company and was hiding the truth that the present value of future obligations was $98 trillion – not just $16.5 trillion– the president of that company would be guilty of criminal fraud.”
Biderman said the actual figure of the country’s future obligations, which is $98 trillion, is in the 2013 OASDI (Old Age, Survivor’s and Disability Insurance) Trust Funds, a combination of Social Security and Medicare Trustee Reports.
As Biderman concludes:
“This does not bode well for future generations when the U.S. can’t afford to fund benefits including Medicare.”
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/P8Loe6FQeQw/story01.htm Tyler Durden