U.S. funding for future promises lags by trillions
By Dennis Cauchon, USA TODAY
June 7, 2011
The federal government's financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows.
The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for.
Note: The U.S. population is about 306 million. $61.6 trillion in obligations comes to about $201,300 for every man, woman and child in our country. Do you really think a typical family of three will EVER pay its share? Then consider that there is ADDITIONAL debt - debt at the personal, corporate, municipal and state levels. And THEN consider that the debt that's being reported probably isn't everything. And finally, ponder the fact that most of the economists advising our government believe that ADDITIONAL DEBT is the means to economic salvation.
In short, this mess is NOT fixable and no one is even trying. The nation is bankrupt and will eventually succomb to that sad fact.
Protect yourself and your family. Spend what you can and buy things you will need and things that will hold their value better than our sorry currency. If you haven't already started, you should do this SOON. The purely defensive measures I've taken over the last decade have been some of my best investments. That should tell you a great deal about the condition our country is in. - Decomposed
This gap between spending commitments and revenue last year equals more than one-third of the nation's gross domestic product.
Medicare alone took on $1.8 trillion in new liabilities, more than the record deficit prompting heated debate between Congress and the White House over lifting the debt ceiling.
Full story: http://www.usatoday.com/news/washington/2011-06-06-us-owes-62-trillion-in-debt_n.htm
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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