Monday, July 13, 2009

The Truth About America's Financial Condition

- The United States is now the most indebted civilization in the history of the world and ground zero for the financial crisis.

- The United States government's national debt has now hit $11.5 TRILLION and is growing at the rate of about $3.88 billion a day. That's $2.7 million per minute, and $44,000 per second!

- The federal budget deficit is exploding higher, now at $1.84 trillion ... equal to almost 13 percent of GDP — hocking our children and grandchildren's lives to an insurmountable mountain of debt that would require more than 80 percent of the world's surplus savings to finance.

- The Federal Reserve, the steward of the nation's dollar, is in hock up to its eyeballs, its balance sheet having ballooned from $860 billion in liabilities in September 2008 to more than $2 trillion today, and likely to rocket even higher as the Fed continues to print money out of thin air like there's no tomorrow.

- Then there are the unfunded government IOUs coming due for Social Security, Medicare, and Federal pension payments — totaling an estimated $104 TRILLION.

When will the Obamamaniacs wake up?

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