Entitlements are killing this nation. The official debt figure is $14 Trillion, however the really debt is much higher. The real debt is $61 Trillion Dollars when he liabilities of programs like Medicare come into account. This is not a sustainable situation and it needs to be addressed.
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.
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.
Read the rest: U.S. funding for future promises lags by trillions
The Obama Regime will do nothing about this. They will use the crisis as an excuse to raise taxes and impose more regulation. Until he leaves office, nothing will be done about this. We have at least just 1.5 years left with Obama. Hopefully he doesn’t do more damage than he already has.
Update: Barack Hussein Obama is now offering to have the US help Greece. That’s right, we have a debt/deficit crisis, yet we want to help out another nation.
President Barack Obama on Tuesday urged European countries and bondholders to prevent a “disastrous” default by Greece and pledged U.S. support to help tackle the country’s debt crisis.
Obama, whose political prospects have suffered from persistently high unemployment and ballooning U.S. debt, has pinpointed the euro zone crisis as one foreign “headwind” hitting the U.S. economy.
[….]
“But it’s going to require some patience and some time. And we have pledged to cooperate fully in working through these issues, both on a bilateral basis but also through international and financial institutions like the IMF.”
A bankrupt nation offering to help another bankrupt nation. This would be hysterical if it wasn’t so sad. We are broke and need to look after our won interest. I love Greek people since my Latin culture is derived from theirs, but my nation (America) need to look after itself. The Greeks need to find their own solutions. The broke can’t help the broke.
Tags: Barack Hussein Obama, Debt Crisis, US Debt, US Liabilities
