...You gotta pay the fiddler!
Regardless of what you think of Dr. Jerome Corsi (I know he can be kinda "off the wall" sometimes...but sometimes he's spot-on), he has written an article that needs reading.
I have been concerned about this very thing since I was in high school about 35 years ago. For some reason a teacher of mine got on his soapbox one day, and succinctly laid out for all in his class why one day the US would be bankrupt! This was about 1974, or '75. Interestingly, he was not a Civics Teacher, or a History teacher. He was my Biology teacher, Mr. Lemuel Grigsby. (I'm sure that he would be fired now...but those were different times)
From that day on, I have been expecting for Social Security, Medicare, Medicaid, Federal employee retirement, and US military retirement obligations to thoroughly bankrupt the US Treasury within my lifetime.
The unfunded obligations of the US government have been growing like a thistle in a turd for most of my lifetime. We will pay the fiddler...
Take a gander at what Corsi writes:
MONEYNETDAILY
Federal obligations exceed world GDP
Does $65.5 trillion terrify anyone yet?
Posted: February 13, 2009
11:35 pm Eastern
By Jerome R. Corsi
© 2009 WorldNetDaily
As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.
The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account. (more)
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