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So, if you were in, say, St. John's, Nfld., and you stacked 50 million stacks of 200,000 $5 bills one atop of the other, you would reach the moon, turn back toward Earth, and then, after landing on Signal Hill, keep stacking, until you almost reached the moon again. (It is 384,400 kilometres away on average, says NASA.)
That's how big $50 trillion is — and we lost it.
That's why that $50 trillion did just disappear. It never was a pile of bills. It was only the hope for that pile, a glowing dream in the collective minds of bankers and investors large and small, climbing higher and higher, a prayer with every step.
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.
"Social Security and Medicare must be shown as liabilities on the federal balance sheet in the year they accrue according to GAAP accounting," Williams argues. "To do otherwise is irresponsible, nothing more than an attempt to hide the painful truth from the American public. The public has a right to know just how bad off the federal government budget deficit situation really is, especially since the situation is rapidly spinning out of control.