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U.S. funding for future promises lags by trillions!
The federal government's financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows.
The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for.
This gap between spending commitments and revenue last year equals more than one-third of the nation's gross domestic product.
China official sees risks in holding "excessive" US assets
LONDON, June 7 (Reuters) - The U.S. dollar fell broadly on Tuesday, hurt by a warning from a Chinese official of the risks in holding huge dollar assets while European equities rebounded as investors picked up beaten-down shares.
Originally posted by sheepslayer247
Imagine that! Not only are they funneling the money away from the middle class and poor to the rich, they are also taking it overseas!
They aren't even trying to hide it either......makes me sick. Time to move to South America?
Saudi Arabia, which had pushed for a hike, has made clear it will pump more unilaterally.