US Federal Obligations Exceed World GDP ~ Jerome Corsi

peaceandlove · 02-18-2009, 10:54 PM

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.

The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the "2008 Financial Report of the United States Government" as released by the U.S. Department of Treasury.

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.

Article continues and links: http://www.worldnetdaily.com/index.p...w&pageId=88851

peaceandlove · 02-18-2009, 11:03 PM

Sorry about that, hit the wrong key and posted article before I was done pasting.

02-18-2009, 10:54 PM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	US Federal Obligations Exceed World GDP ~ Jerome Corsi 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. The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the "2008 Financial Report of the United States Government" as released by the U.S. Department of Treasury. 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. Article continues and links: http://www.worldnetdaily.com/index.p...w&pageId=88851 Last edited by peaceandlove; 02-18-2009 at 11:02 PM.

02-18-2009, 11:03 PM	#2
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Re: Federal obligations exceed world GDP Sorry about that, hit the wrong key and posted article before I was done pasting.