Wednesday, December 17, 2008

The U.S. itself needs a bailout

The D.C. Examiner asks, "Who will bail out Uncle Sam?" Federal obligations for social programs, etc., exceed the total household worth of every household American. And the U.S. was only $100 billion in the black before the bank bailout!

Federal obligations now exceed the collective net worth of all Americans, according to the New York-based Peter G. Peterson Foundation. Washington politicians and bureaucrats have essentially mortgaged everything We the People own so they can keep spending our tax dollars like there’s no tomorrow.

The foundation’s grim calculations are based on Sept. 30 consolidated federal statements, which showed that Americans’ total household net worth, diminished by falling stock prices and home equity, is $56.5 trillion. But rising costs for unfunded social programs like Medicare, Medicaid and Social Security increased to $56.4 trillion – and that was before the more recent stock market crash, $700 billion bank bailout, and monster federal deficits chalked up in October and November.

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