Running on fumes: A bankrupt nation

from Reason to Freedom
by Peter Namtvedt

02/24/08

The total future obligations of this government now total more than $59 trillion. USA Today published that number in May 2007. See below for the source of another estimate in a 2006 article at the Federal Reserve, which is $ 65.9 trillion (5 times GDP). A figure already known and growing every minute, the national debt now tops $9.3 trillion, the current year’s deficit is $250 billion and the economic stimulus bill is likely to add another $168 billion. The freshly announced federal budget for next year again promises to spend more than the revenue coming in. That could add another $418 billion. In a matter of months, in other words, we will see the national debt reach as high as $10 trillion. The government eventually has to tax us enough or print enough dollars to pay that off...

//www.reasontofreedom.com/running_fumes_bankrupt_nation.html


Informant: Thomas L. Knapp



//freepage.twoday.net/search?q=national+debt

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