U.S. debt is increasing by approximately $1.5 trillion per year. If you add to that the increase in unfunded liabilities, you get an increase, only in 2012, of $7 trillion.
So total debt and unfunded liabilities increase in 2012 by (a staggering) $7 trillion. If you multiply $7 trillion by ten years you get to $70 trillion. And you can see that the whole fiscal cliff debate is about a measly $1.2 trillion over ten years, against a potential increase in the total debt in the US of $70 trillion.
This is off King world News Evon Van Greyerz, who is founder of Matterhorn Asset Management is the one who said this. I thought they were only spending 6.2 trillion a year. Its worst. Its actually 7 trillion. Gold is so undervalued. IMO>