Friday, March 25, 2011

Fast approaching $1.72 million every minute


Earlier this year the Washington Post reported that "The daunting tower of national, state and local debt in the United States will reach a level this year unmatched just after World War II and already exceeds the size of the entire economy, according to government estimates."

This echoes concerns I raised in my article "What the Treasury Department is not telling Americans about the National Debt" I pointed out that although the Treasury Department doesn't like to advertise the fact, but America’s national debt is larger than the total economies of China, the United Kingdom, and Australia combined and is quickly approaching or exceeding the USA's 14 trillion GDP. (It appears less than that in charts, because the government has been cooking the books since the Clinton Administration. They are not counting Social Security and Medicare obligations as part of the debt.) If the pattern continues over the next decade, the government will borrow approximately $1.72 million every minute." 

To learn more about the national debt, see  my article "What the Treasury Department is not telling Americans about the National Debt"

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