David M. Walker Comptroller General of the United States (the USA's chief accountability officer) says the US Government Debt is an implicit mortgage of $175,000 for each American and more than $400,000 for each American household.
Unlike a typical mortgage there's no house to back this.
Instead America is mortgaging its future, its children, and its grand children. David Walker also says that if the United States were a company it would be bankrupt. The scariest thing for America is its debt is so big - even if the budget was balanced tomorrow the debt interest would still grow by $2 - $3 trillion per year. Spending has to stop immediately and other restructuring needs to take place.
Three books are kept by the US Government - two off the books.
"If the private sector had trust funds like the federal government, somebody would be going to jail"
On the dollar...
"It's in the Tank"
David M. Walker, Comptroller General of the United States is the is the director of the Government Accountability Office . He says by 2040 there will only be enough to pay for medicare, social security and nothing else.