The Center for Freedom and Prosperity released another of its Econ 101 videos intended on teaching Americans the basics of economics and the data on our current trajectory towards bankruptcy. Kelly McDonough narrates today’s lesson on debt and future liabilities, a rather timely lesson in the wake of Greece’s collapse. Kelly may seem young to have this grasp of macroeconomics, but she should — she’ll be paying for our spending, and so will her children and their children as well:
In case you can’t attend this lecture due to restrictions on video playback, I’ll supply you with the class notes:
- Average annual budget deficits over the next ten years: >$1 trillion, or $1,000,000,000,000
- Debt as share of GDP by 2020: 90% (Greece is at 113% today)
- Unfunded liabilities: between $50 trillion and $106 trillion
- It’s everyone’s fault
There will be a test on this subject matter. Your grandkids will administer it to you.