From
The American Thinker.com - by Steve McCann - The people of the United States have been blessed to live in a country that has experienced, over the past seventy years, the most sustained period of overwhelming prosperity in the history of mankind. However, due to the staggering growth of government, unrealistic expectations of the citizenry, and a new global economy, the current makeup of the economic engine of the country is such that it will not be able to generate sufficient wealth to
finance the nation's long-term financial commitments, jobs, and desires of the populace. Only by a reduction in government interference and an emphasis on massive wealth creation can the country be saved from its headlong dash toward fiscal disaster and the end of the United States as a global superpower. The unfunded liabilities of the federal and state governments are over
$105 trillion. That is 7.5 times the gross domestic product (GDP) of the country in 2010 and
1.4 times the net worth of the United States. The national debt will be the equivalent of
100% the annual GDP by 2018. Four expenditure items -- interest expenses, Social Security, Medicare, and Medicaid (Obamacare) -- will account for 100% of all revenue to the government by 2020. The United States is technically bankrupt.
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The U.S. is technically bankrupt
From The American Thinker.com - by Steve McCann - The people of the United States have been blessed to live in a country that has experienced, over the past seventy years, the most sustained period of overwhelming prosperity in the history of mankind. However, due to the staggering growth of government, unrealistic expectations of the citizenry, and a new global economy, the current makeup of the economic engine of the country is such that it will not be able to generate sufficient wealth to finance the nation's long-term financial commitments, jobs, and desires of the populace. Only by a reduction in government interference and an emphasis on massive wealth creation can the country be saved from its headlong dash toward fiscal disaster and the end of the United States as a global superpower. The unfunded liabilities of the federal and state governments are over $105 trillion. That is 7.5 times the gross domestic product (GDP) of the country in 2010 and 1.4 times the net worth of the United States. The national debt will be the equivalent of 100% the annual GDP by 2018. Four expenditure items -- interest expenses, Social Security, Medicare, and Medicaid (Obamacare) -- will account for 100% of all revenue to the government by 2020. The United States is technically bankrupt. Read more
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