Monday, April 11, 2011

Financial train wreck

U.S. Finances Are an Even Bigger Mess
Than is Generally Understood
Even before Obama took office, unfunded federal liabilities had blown past $500,000 per U.S. family of four. In fact, federal finances are in such shambles that David Walker, Comptroller of the Currency, resigned in disgust at the tail-end of the Bush administration.
Worse is what's happened since Walker resigned. As Rep. Ron Paul recently wrote, the trillions of dollars created to bail out banks have added the equivalent of a whole new federal establishment to Uncle Sam's bloated obligations.
Obama's new spending obligations stagger the imagination, amounting to...
  • More spending than the socialistic New Deal...
  • More spending than the Korean War...
  • More spending than the 1980s savings and loan bailout...
  • More spending than the entire Iraq War...
COMBINED!
And that was even before the Congressional Budget Office discovered that minor little $75 billion miscalculation I mentioned earlier in the Obama team's math.
Now another CBO report shows that rising unemployment and falling tax revenue will likely force the Social Security "Trust Fund" into the red as soon as this yeara full decade before the Comptroller General's office had previously warned it would happen.

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