Keep those bailouts coming....
The United States of America is bankrupt. Don’t believe it? Consider this: 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.
“Given more recent developments, it’s clear that America now owes more than its citizens are worth,” said Foundation president David M. Walker, the former Comptroller-General of the United States who has been trying to warn Americans of the coming financial tsunami for years, to no avail. So, after Uncle Sam bails out bankers, Wall Street gamblers, carmakers and over-their-head homeowners, who’ll bail out Uncle Sam?
The crazy thing is, none of the aformentioned bailouts have crossed the threshold of even a 50% approval rating among American voters. So why is the political class shoving this down our throats? What's in it for them I wonder? Or are we to just shut up and believe that Nancy Pelosi, Charles Rangel, Chris Dodd, and Barney Frank are simply so much smarter than the rest of us that our best course of action is to smile blandly and take it?
Based on their results since the election of 2006, that's a hard sell.
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