Saturday, February 14, 2009

WND: "Federal obligations exceed world GDP"

Not good:

As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.

The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account.

The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the "2008 Financial Report of the United States Government" as released by the U.S. Department of Treasury.


I am no economic expert. I'll be the first to admit it. But this has got to be a bad thing.

4 comments:

Anonymous said...

I wish not concur on it. I regard as precise post. Specially the title-deed attracted me to be familiar with the whole story.

Anonymous said...

Good fill someone in on and this fill someone in on helped me alot in my college assignement. Thanks you for your information.

Anonymous said...

I am reading this article second time today, you have to be more careful with content leakers. If I will fount it again I will send you a link

Anonymous said...

You have really great taste on catch article titles, even when you are not interested in this topic you push to read it