'As the Obama administration pushes through Congress its $800 billion deficit-spendingeconomic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.
The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account.'
I heard this while switching stations on the radio coming home today.
We have been in similar situations before, to the detriment of those who trusted in princes. Can we be smarter this time, and make a transition with less bloodshed? Weimar Germany.
One historian says that the overburdened Southern planters before 1776 were in a similar situation.