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The United States is Insolvent

DaveNay

Klaatu barada nikto
SUPER Site Supporter
The Editorial said:
[FONT=arial,helvetica,verdana]Prepare to be shocked.[/FONT]

[FONT=arial,helvetica,verdana]The US is insolvent. There is simply no way for our national bills to be paid under current levels of taxation and promised benefits. Our federal deficits alone now total more than 400% of GDP.

[/FONT] [FONT=arial,helvetica,verdana]That is the conclusion of a recent Treasury/OMB report entitled Financial Report of the United States Government that was quietly slipped out on a Friday (12/15/06), deep in the holiday season, with little fanfare. Sometimes I wonder why the Treasury Department doesn’t just pay somebody to come in at 4:30 am Christmas morning to release the report. Additionally, I’ve yet to read a single account of this report in any of the major news media outlets but that is another matter.

[/FONT] [FONT=arial,helvetica,verdana]But, hey, I understand. A report is this bad requires all the muffling it can get.[/FONT]

[FONT=arial,helvetica,verdana]In his accompanying statement to the report, David Walker, Comptroller of the US, warmed up his audience by stating that the GAO had found so many significant material deficiencies in the government’s accounting systems that the GAO was “unable to express an opinion” on the financial statements. Ha ha! He really knows how to play an audience!

[/FONT] [FONT=arial,helvetica,verdana]In accounting parlance, that’s the same as telling your spouse “Our checkbook is such an out of control mess I can’t tell if we’re broke or rich!” The next time you have an unexplained rash of checking withdrawals from that fishing trip with your buddies, just tell her that you are “unable to express an opinion” and see how that flies. Let us know how it goes![/FONT]
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Then Walker went on to deliver the really bad news:
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[FONT=arial,helvetica,verdana]You can read the entire opinion piece here.
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bczoom

Super Moderator
Staff member
GOLD Site Supporter
The full report is 176 pages long so I haven't gotten through the whole thing yet... :blahblah:

From the numbers being presented in the opinion piece, where I find those in the report it relates to Social Insurance. It does show Medicare and Social Security the 2 major items in trouble. I don't believe anyone can argue with that.

The thing the guy didn't mention about his numbers. For Medicare and Social Security, the amounts presented include present values and estimated expenditures on these programs FOR THE NEXT 75 YEARS :confused2:
 
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