A Financial Catastrophe for Our Children and Grandchildren

A Financial Catastrophe for Our Children and Grandchildren

Relentless pursuit of the truth – www.cinopsbegoneblogspot.com – Tuesday, February 28, 2012

A Budget Deficit … And a Leadership Shortfall

•The U.S. collects $2 trillion in taxes but spends almost $3.5 trillion.
•In 2009, U.S. debt increased $1.9 trillion.
•In 2010, U.S. debt is increasing at a rate of almost $2 trillion a year.

•Total current U.S. debt: more than $15 trillion.
•The U.S. government owes the Social Security trust more than $2.5 trillion.

•Total unfunded government debt: 106.4 trillion, including Social Security and Medicare!
•Your taxes need to increase 81% to fund the benefits promised to S.S. and Medicare.

•Actual unemployment combined with under-employment it 16%.
•44 million American receive food stamps.

•50 million Americans are enrolled in Medicaid.
•In August 2011, the U.S. government credit rating was downgraded for the first time ever.

•11 million Americans are upside down on their mortgages.
Though 200,000 jobs were added in recent months, Heritage’s James Sherk and Rea Hederman Jr., write, “At that pace, the unemployment rate will not return to normal levels (or 5.2%) for four and a half years – not until September 2016.” The above is dated, Feb. 14/21 – Truth in Action – P.O. Box 7009, Albert Lea, MN 56007-8009 – 1-800-98-TRUTH

THE DISASTER OF OBAMANOMICS – AMERICANS ON FOOD STAMPS IS UP 40% UNDER OBAMA

From Investor’s Business Daily: 1) 22.5 Million Americans now work for government – more than manufacturing, farming, fishing combined. 2) Real earnings have fallen for five months, and are down 1% since the end of the year. 3) Consumer price inflation is growing at a 6.1% annual rate over the last three months, while producer prices are rising an even-faster 13%. According to John Williams of the Shadow Government Statistics website, if we measure prices the way we did before 1992, inflation is now running at 10% a year (higher than Jimmy Carter’s inflation rate).

4) The U.S. dollar has fallen so much and foreign nations have so little confidence in our ability to run fiscal affairs that the “BRIC” nations – the mostly fast growing former Third World nations of Brazil, Russia, India and China – are talking about replacing the U.S. dollar in foreign trade with the Chinese yuan. 5) Just 45.4 % of Americans had jobs last year, the lowest since 1983, according to census data crunched by USA today. Among men, just 66.8% had work last year, the lowest ever. 6) The U.S. has added $6 trillion to its debt under Obama, a sure sign of being on the road to Third World status. Three years ago, the U.S. had $7.9 trillion in debt. Today, we have $14 trillion. Bankrupt hyperinflated Zimbabwe couldn’t do any better.

7) Under Obama, spending has risen farther and faster than under any president in history. At current rates, government at all levels will take up more than half of all economic activity by 2050. 8) Federal workers now earn double their counterparts in the private sector…

George H. Kubeck – Financially, our country is living in the Twilight Zone.