Government debt on the books right now is approaching $17 trillion, or roughly 800% more than the government’s annual income. This would be equivalent to a person making $50K per year owing $400,000 on his credit cards. See real-time debt figures at USdebtclock.org. • Government’s “unfunded liabilities” (i.e. promises to pay social security, federal retirement pensions, Medicare, etc.) are over $125 trillion. Nobody wants to talk about this number because it spells the total financial doom of the United States of America. This is not a popular topic among denialists who kid themselves into thinking the U.S. empire will never fall. In summary, a government that takes in about $2 trillion per year actually owes over $140 trillion in debts and obligations, meaning that if the government stopped spending ALL money right now — that is, it permanently shut down and stopped operating — it would take roughly 70 years of taxes just to pay off its current debts. This is equivalent to someone making $50K per year who owes $3.5 million on his credit cards. It is abundantly obvious that the U.S. government will, sooner or later, collapse into financial default.
Posted on: Tue, 15 Oct 2013 21:00:24 +0000
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