The American left is the most self-indulgent, arrogant, and spoiled group of people on the face of the earth. They live in a nation facing national bankruptcy and societal upheaval — a country presently subsisting on the residue of past economic achievements. Yet the only things that matter to them are their lifestyles and imposing their self-determined superiority on rest of the American people.
The true indebtedness of the United States now exceeds $222 trillion. Appearing on National Public Radio in August of 2011 Professor Laurence J. Kotlikoff of Boston University said:
If you add up all the promises that have been made for spending obligations, and subtract all the taxes we expect to collect, the difference is $211 Trillion. This is the fiscal gap. That is our true indebtedness.
Since that interview, the indebtedness has increased by another $11 trillion. Yet these estimates do not include the full impact of ObamaCare, which could add another $17+ trillion. On the other side of the ledger: the annual Gross Domestic Product (the value of all economic activity in the U.S.) is $15.6 trillion. The indebtedness to GDP ratio is a staggering 14.2 to 1 and guaranteed to further accelerate if Barack Obama is re-elected.
The United States is not facing bankruptcy, it is bankrupt. The primary factor that has kept the nation afloat over the past four years is that the dollar, albeit temporarily, remains the world’s reserve currency, thus allowing the Federal Reserve to print enormous sums of money to cover the Obama budget deficits and flood the global market with near worthless cash. Today it requires $100.00 to purchase the same goods $10.00 purchased in 1950.
As a further comparison, the total annual GDP of all the countries on earth is $70 trillion. The American indebtedness alone exceeds that amount by a factor of 3 — which contributes mightily to a world drowning in debt and facing an inevitable debt crisis and financial collapse, which will trigger a massive global depression.