The conservative Republican — who is the House Speaker-elect in Oklahoma, pens an op-ed: "Because of an accounting gimmick where governments pretend future
liabilities don’t exist and, therefore, don’t account for them, most
Americans don’t know how big the problem really is. The amount typically
reported, nearly $16 trillion, is actually only the surface of our
debt."
He continues his commentary: "According to a June 2010 article in National Review, America’s
total debt — when accounting for unfunded future liabilities in
Medicaid, Medicare and Social Security and state and local bond debt —
exceeds $130 trillion. Take a moment for that to sink in: $130 trillion."
State Rep. T.W. Shannon: "The Federal Titanic Is Sinking"
