Will the real national debt please stand up?

The national debt published in the papers and online -- which is closely tied to the USTreasury market is now over $13.3 trillion. Current government plans include massive deficit spending through 2013, and the government's optimistic projections of a return to "normalcy" after 2013 are not anchored in reality. Source of budget data. However, the true national debt is hidden by the cash-based accounting method government uses. The true national debt is over $120 trillion when GAAP (Generally Acceptable Accounting Principles) are used to identify future taxation sources and future debts such as Social Security and Medicare. That's around $400,000 for every man, woman, and child in the country. Massive reductions in spending and taxation are necessary if America is to regain its financial sovereignty, my proposals are outlined here and in "Guns or Health Care?"

http://www.campaignforliberty.com/article....