Caught lyin’ again. It’s more like a 1000 trillion

March 20, 2016 in News by RBN Staff

Source: blogs.wsj.com
By TIMOTHY W. MARTIN

Government debt in 20 industrialized countries stands at $44 trillion.

But it’s actually a lot more than that, according to a new report. After factoring in public pension and other retirement liabilities, the debt levels nearly triple to a staggering $122 trillion.

That’s the math according to a new report from Citigroup Inc report called, “The Coming Pensions Crisis,” which analyzed government pension liabilities from 20 countries that are members of the Organisation for Economic Co-operation and Development .

“It is really a ticking time bomb,” said Charles Millard, Citi’s head of pension relations and former head of the Pension Benefit Guaranty Corporation, the U.S. safety net for private-sector pensions.

To put the unstated debt levels in perspective: The additional unstated $78 trillion in retirement-related debt is equivalent to asingle year of global economic output.

Citi researchers measured government pension liabilities, a combination of Social Security and public-sector pension obligations, finding the average country was carrying retirement debt of 190% versus gross domestic product—well above a 100% threshold that many experts consider concerning.

Read the rest of the story here