Posted on 12/15/2008 8:58:34 PM PST by T.L.Sink
The sum of America's debts and other financial commitments is about to exceed the collective net worth of its citizens, PGPF has calculated. Growth in the government's unfunded promises for social insurance programs such as Medicare, combined with a drop in America's net worth due mainly to home equity values, is causing this unprecedented shift. PGPF's calculations are based on the new consolidated federal financial statements as of September 30, 2008 and do not reflect the addtional toll taken by more recent market declines, bailout packages, and record October and November deficits. The statements show an estimated $56.4 trillion in debts, liabilities, and promises for Medicare and Social Security versus a household net woth of $56.5 trillion.
(Excerpt) Read more at pgpf.org ...
Forget Bernie Madoff, Social Security is the biggest ponzi scheme of all time. The only difference is that Social Security is legal, and everyone knows its a ponzi scheme.
Mr. Walker isn’t real popular in Washington. But, the rest of us like him!
At the worst: treason.
Is debt not someone else asset?
We could sell some of our territories (Puerto Rico, Guam, virgin Islands), some of our national parks, Maybe a Hawaii , Alaska, or California.
Welcome to the Dark Ages!
Only if it's good debt. If you promise something but can't back it up, then it's no asset to anyone (else you could generate assets by just making wild promises).
The debt has exploded under President Bush, but even beyond that, government has given promises that it can't keep. These obligations are beyond the national debt.
Exactly. In fact, Rush said the very same thing today.
The problem is Obama has ripped off or sold the people a fantasy that doesn’t exist.
I dare say this is the biggest Ponzi scheme ever.
I don’t know about California since it’s in hock already - another liability!
So what's his solution?
I think so. He’s got the liberal “tax and spend” mentality in his DNA. I don’t think he has a clue about fiscal responsibility and reality - that the party is about to be crashed by an overwhelming debt burden - on future genrations as well. Or maybe he knows and just doesn’t give a damn if he can get some votes out of it.
Basically, he’s urging a cessation of out-of-control spending. He also has some ideas on reforming Medicare and Social Security and other entitlements to curtail their growth - by cutting waste and limiting increases to the inflation rate rather than arbitrary congressional increases. For example, stop the government from raiding Social Security funds for totally unrelated projects, etc.
For $310 Million, each of us could be bailed out.
Why are they spending 700 Billion??
I urge everyone to research Peter Peterson on the ‘net. Quite a character. I think he earned something like $170,000,000 last year. He knows ‘exactly’ how this whole ‘scheme’ works. He’s near the top of the pyramid! One of the men behind the curtain...
More central banking BS...
At least criminal negligence! Some CEO’s have made big mistakes but they’d be in jail if they ran their businesses like our government runs it’s affairs.
The last I heard it’s going to be over a trillion. I’m getting dizzy from being bombarded with billions and trillions every day. I’d make a lousy astronomer!
That's about a dollar for each American, approx.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.