If you don’t think the US is in financial trouble…

think about this. Optimistically, the real national debt in 2008 was about $70 trillion.

At the time that 2008 article was written, the entire supply of money in the world […] was estimated to be just under $60 trillion. Which is to say: The optimistic view is that our outstanding obligations amount to more than all of the money in the world.

Global GDP in 2008? Also about $60 trillion. Meaning that the optimistic view is that our federal obligations outpace the entire annual economic output of human civilization.
[emphasis in original]

Think about those two facts. If all our debts were to be called in at the same time, there isn’t enough money in existence to pay them off. Even more frightening? That was in 2008, so it doesn’t include Obamacare. I’m not certain, but I don’t believe it counts any of the stimulus packages, either.

How is our federal budget considered sustainable?

(h/t SayUncle)

[Source: National Review Online article, retrieved 9/10/10]

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