Federal obligations exceed world GDP

Federal obligations exceed world GDP

www.worldnetdaily.com

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.

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Just WOW, consider just how impossible this situation really is.
They can never ever pay this back, and they continue to create more debt.

The question is not if America declares bankruptcy, but when. And just how badly will it mess up the world economy.

There is an economic tribulation coming that is going to make the dirty thirties look good.

www.worldnetdaily.com
(visit the link for the full news article)

everyday we are seeing that stuff is getting worse, no doubt about it. And it will get much much worse.

It seems that the governments are trying to slow the pace of the inevitable.

Government actions won't fix anything as long as we have the same financial system, it is what got us in this mess in the first place.

If we had a trade system where corruption and greed where impossible, then what an incredible world we could have. Until then we have to pay the piper.