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Real Debt? 65 TRILLION DOLLARS: Economist

Posted By admin On February 16, 2009 @ 4:24 am In Money Watch | Comments Disabled

The Coming Depression [1]
Monday, Feb 16, 2009

Excerpt:
As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.

The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account.

The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the “2008 Financial Report of the United States Government” as released by the U.S. Department of Treasury.

(Article continues below)

Real Debt? 65 TRILLION DOLLARS: Economist  161008pptv2 [2]

The difference between the $455 billion “official” budget deficit numbers and the $5.1 trillion budget deficit cited by “2008 Financial Report of the United States Government” is that the official budget deficit is calculated on a cash basis, where all tax receipts, including Social Security tax receipts, are used to pay government liabilities as they occur.
“The federal government is bankrupt,” Williams told WND. “In a post-Enron world, if the federal government were a corporation such as General Motors, the president and senior Treasury officers would be in federal penitentiary.”
Link [3]


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URLs in this post:

[1] The Coming Depression : http://thecomingdepression.blogspot.com/2009/02/real-debt-65-trillion-dollars-economist.html

[2] Image: http://www.prisonplanet.tv/subscribe.html

[3] Link : http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=88851

[4] 1.6 Trillion Dollars More Debt: Fiscal Conservatives Have Been Raped By The Republican Party: http://www.prisonplanet.com/1-6-trillion-dollars-more-debt-fiscal-conservatives-have-been-raped-by-the-republican-party.html

[5] US deficit to hit 1.2 trillion dollars: budget office: http://www.prisonplanet.com/us-deficit-to-hit-12-trillion-dollars-budget-office.html

[6] US Debt/GDP Hits Post WW2 High 99.5% Following $55 Billion Overnight Debt Increase: Total Debt Now Over $15.1 Trillion: http://www.prisonplanet.com/us-debtgdp-hits-post-ww2-high-99-5-following-55-billion-overnight-debt-increase-total-debt-now-over-15-1-trillion.html

[7] US deficit climbs to 1.3 trillion dollars: http://www.prisonplanet.com/us-deficit-climbs-to-1-3-trillion-dollars.html

[8] US August Budget Deficit Soars To $192 Billion, $1.17 Trillion In Fiscal 2012: http://www.prisonplanet.com/us-august-budget-deficit-soars-to-192-billion-1-17-trillion-in-fiscal-2012.html

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