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The 700 Club

Chuck Vollmer : America's Tyrannical Multi-Trillion Dollar Debt

Gordon interviews this expert on what it really means to be trillions in debt.

Transcript

The American government is borrowing and spending so many dollars so fast, the federal debt is getting to be almost unbelievable. Economist Phil Kerpen at the Washington think-tank Americans for Prosperity pointed out, "If a child is born today, he's essentially born $200,000 in debt just for these federal obligations." Kerpen said what Washington has done is so bad, "...if the federal government were a bank, it would have been nationalized by now. Because the debt is just completely out of control, completely unmanageable." Already the official deficit is around $10 trillion ...not billion, but trillion. And, according to Kerpen, that's just the tip of the iceberg. "It's also these huge, huge unfunded obligations that we have in the entitlement programs," he explained. "Social Security is now over $15 trillion in unfunded liability. Medicare is over $36 trillion in unfunded liability." The term trillion is getting thrown around so frequently now, we're losing the sense of just how gargantuan it is. But to put it in perspective: you'd have to have been spending a thousand dollars a minute since Jesus was born to have spent a trillion dollars by now. Chuck Vollmer, founder of VII Inc. in Vienna, Va., works with large systems in both business and government, a position that's allowed him to see just what harm trillions of dollars of debt can do to both. He has produced a presentation called "The Tyranny of Trillions," to help explain how damaging such debt is to the country.

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