April 5, 2009
Federal obligations exceed world GDP: The $65.5 Trillion Ponzi Scheme
Using just last year as an example, the numbers already documented by the U.S. Treasury reveal the true debt.
The difference between the $455 billion “official” budget deficit numbers and the $5.1 trillion budget deficit cited by “2008 Financial Report of the United States Government” is that the official budget deficit is calculated on a cash basis, where all tax receipts, including Social Security tax receipts, are used to pay government liabilities as they occur.
Corsi quotes John Williams, whose above analysis charts the hidden fiscal bleeding on ShadowStats.com
“… There is no Social Security ‘lock-box.’ There are no funds held in reserve today for Social Security and Medicare obligations that are earned each year. It’s only a matter of time until the public realizes that the government is truly bankrupt and no taxes are being held in reserve to pay in the future the Social Security and Medicare benefits taxpayers are earning today.”
The federal government is bankrupt and our obligations exceed the world GDP.
It’s a “Ponzi Scheme” I first discussed in my book “Unaccountable Congress” — a book I wrote after four years in Congress and over 20 years in the accounting profession.
Comments