September 11, 2009
Is the US Government bankrupt?
Before we continue to debate the merits of any Obama health care plan, we need to consider a few important facts. By any rational means, we must consider the present condition of our Government's financial situation. An honest look at those finances would have a prudent person conclude that our government is tacitly bankrupt. Our unfunded liabilities far exceed our assets. Adding up all unfunded liabilities for Social Security, Medicare, Medicaid and Government sponsored pension funds gives us a figure slightly in excess of $100 TRILLION dollars. That's TRILLION with a ‘T'. The Federal budget deficit for fiscal 2009 will be approximately $1.84 TRILLION. That's TRILLION with a ‘T'. Over the next ten years the projected deficit will be $9 TRILLION +. That's $100,000,000,000,000.00 -- TRILLION with a ‘T'. Of course, this projected deficit comes from the Congressional Budget Office and has to be considered a conservative estimate. In 1966 the feds estimated that...(Read Full Article)