Economist: U.S. Has $100 Trillion Entitlement Problem

The $1 trillion dollar states’ pension gap recently reported by the Pew Center is just the "tip of the iceberg,” according to Chilean economist José Piñera Echenique, best known as the architect of Chile's private pension system based on personal retirement accounts and the founder of The Center for Pension Reform.

“I am extremely worried about all the debts America has,” Piñera said.

“You have a $100 trillion problem,” which is the amount owed for hospital insurance, Medicare, drug benefits and Social Security, Piñera told Fox News.

“This is the real debt of America, which amounts to 700 percent of GDP… which will be paid by your children and grandchildren,” Piñera says, unless the U.S. government defaults on its obligations to American citizens or raises taxes. (more)