Thursday, December 20, 2007

The US Government Can't Pay For Obligations? Whoa!

Here’s a first… the Bush administration acknowledged yesterday that the U.S. government has promised $45 trillion more in entitlements than it can afford. Well, dress me up in a tutu and spin me around the dance floor…
The $45.1 trillion shortfall is up a trillion bucks from last year and an incredible 67% from 2003, when the guv’ment estimated Social Security and Medicare would cost us only $27 trillion. Add these latest numbers from the Financial Report on the U.S. Government with other government commitments, including our national debt and social insurance programs, and we’re looking to be somewhere around $62 trillion in debt. And these are government numbers, mind you… our actual debt is probably unspeakably higher. "Our government has made a whole lot of promises in the long term that it cannot possibly keep," said our friend and the country’s comptroller general David Walker yesterday.

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