Punchinello’s Chronicles

February 14, 2009

All the Money in the World Won’t Cover US Debt

Filed under: Survival 101 — Punchinello @ 5:55 pm
Tags: , , ,

This just in, from WorldNetDaily.com:

Federal obligations exceed world GDP

Does $65.5 trillion terrify anyone yet?
Posted: February 13, 2009
11:35 pm Eastern

By Jerome R. Corsi
© 2009 WorldNetDaily

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.

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.

(Full article …)

One thing that’s been worrying me more and more lately is the “invisible” debt. It’s the money that’s considered to be “off the table” when news reports tell us about the national debt.

Much like other criminal exploits coming out of our politicians, we’re told that Social Security and Medicare “don’t matter” in the long-run. As such, they’re simply not stated when reports tally up the moment-by-moment national debt.

When those debts are included, the number becomes truly mind-boggling! I’d been reading about economics, keeping an eye out for a particular number: What’s the value of the planet Earth?

Along the way I was also interested in how much it would cost to buy the entire United States of America. The last number I saw was $14-trillion.

Let’s hear it for Mr. Obama and the people who voted for change!

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