Nation’s fiscal gap is huge and growing

The nation’s fiscal gap is much bigger than the official deficit and debt. “The fiscal gap is the present value difference between projected future spending and revenue,” economist Laurence Kotlikoff and columnist Scott Burns wrote. It includes both “official” and “unofficial” spending commitments, which is a more realistic projection of spending. According to their calculations using Congressional Budget Office forecasts, that fiscal gap is now $222 trillion. And growing fast.