But that $4 trillion is just a fraction of America's projected long-term debt.
"Overall, however, this does not reverse the projected long-term recovery in the coming decades," the statement said.
Mr. Kilts lowered expectations for profit growth and projected long-term sales growth of 3percentto5percentcent.
"But faster economic growth alone is not likely to be the full solution to the currently projected long-term deficits".
He projected long-term sales growth of 3percentto5percentcent but made no specific predictions about profit growth.
The managers want projected long-term earnings growth of at least 15 to 20percentt a year.
Third, large projected long-term deficits are the result of a broken health care system, not reckless government "entitlement" programs.
According to the report, the taxes paid by other-than-legal immigrants will close 15percentt of the system's projected long-term deficit.
Beyond that an increase of just 0.2 percentage points in the economy's structural growth rate "would entirely eliminate the projected long-term budget gap".
But closing the projected long-term gap between Social Security spending and revenues and materially slowing the growth in Medicare and Medicaid spending will take much longer.
