It’s not hard to find someone capable of saying it better than I.
I would like to offer for your attention Our Collapsing Economy by Paul Craig Roberts.
A scary scenario? Yes. Overdrawn? Perhaps, but perhaps not. The United States has spent the last 7 years in pointless wars that benefited only the military-security complex and Israel’s aggression against Palestinians and Lebanon. According to prominent experts, the out-of-pocket cost and already incurred future liabilities of Bush’s wars comes to $3 trillion.
The cost of the Bush Regime’s wars, together with the 2009 budget deficit that Bush has bequeathed to Obama, equals half of the accumulated national debt of the United States.
Several years ago United States Comptroller General David Walker informed Congress and the White House that the accrued liabilities of the US government exceeded the ability to pay. Yet, “our” leaders ignored the Comptroller General and rushed headlong to add more trillions of dollars to federal liabilities. In effect, the United States is bankrupt at this present moment. According to generally accepted accounting principles, the federal government has a negative net worth of $59.3 trillion.
Actually, that “negative net worth” is closer to double that figure: $100 trillion. Craziest of all is how Congress and the President are acting as if this can keep going. And most of the citizens of the US ignore the truth.
