United Liberty
America Will Soon Owe More Than Its Citizens Are Worth
Sat, 12/20/2008 - 2:53pm | posted by Austin Wilkes
The Peter G. Peterson Foundation- whose CEO is the outspoken former US Comptroller General, David Walker- released findings recently that show public liabilities are now effectively equal to the entire networth of all US Citizens. These numbers, which Walker claims were based completely on official data, do not even account for the recent bailouts or market collapse of October and November. Here is the statement from the Foundation “America will soon owe more than its citizens are worth”-
The sum of America’s liabilities and other financial commitments now exceeds the collective net worth of its citizens, the Peter G. Peterson Foundation has calculated using the latest official data. Growth in the government’s unfunded promises for social insurance programs such as Medicare, combined with a drop in Americans’ net worth due in part by lower home equity values, is causing this unprecedented milestone.
The Foundation’s calculations are based primarily on the new consolidated federal financial statements as of September 30, 2008 which do not reflect the additional toll taken by more recent market declines, bailout packages, and record October and November deficits. The financial statements show approximately $56.4 trillion in debts, liabilities, and unfunded promises for Medicare and Social Security versus the Federal Reserve’s estimate a total household net worth of $56.5 trillion, both as of September 30, 2008.
“Given more recent developments, it’s clear that America now owes more than its citizens are worth,” said Foundation President and CEO David M. Walker. “Passing this shocking milestone highlights the need for President-elect Obama and the next Congress not only to turn the economy around and boost consumer confidence, but to put a process in place that will lead to tough choices getting made to strengthen the government’s financial condition once the economy begins growing again.”
Since its launch in July 2008, the Peter G. Peterson Foundation has invested nearly $11 million in grants to raise awareness of, and seek solutions to the fiscal challenges posed by the rising costs of health care and retirement and near-zero household savings rate. Among the latest are grants to Emory University and the Institute of Medicine to examine health care costs and outcomes; grants to promote public awareness and discussion of growing obligations for Social Security and Medicare; and a grant to fund development of a set of key outcome-based indicators that will help the government and the public assess where we stand and how we compare to other industrialized nations on a range of economic and other issues.
Related Posts-
David Walker: Who Will Bailout The Budget?
Rep. Cooper: “Government Is Misrepresenting Its True Deficit”
So, Obama and McCain are the best the “system” can offer us?
Well, both of them are acceptable to the ruling elite class and corporate America or those candidates would not be there.
Notice how much power the mass media has in deciding who will be candidates. Of course, the mass media is owned by elites.
Also note how little media coverage is given political parties other than the Democrats and Republicans.
The elites have determined that two parties maximum is controllable but still gives an illusion to the brainwashed masses they have some sort of say-so in the federal government.
The Founders intended the political system they created to be owned and operated by an elite class… an HONORABLE elite class who would consider the country as a whole, the masses and their own interests while running the country.
As time passed the concept of honor was diluted to what we see today.
The elite class has lost its honor and greed and the love of power has cast aside the concept of honor the Founders intended the elites to draw upon to curtail the elite’s vested interests.
Thus, since the Founders intentions have failed… one option is left; rebuild the federal government.
However, the elite’s entrenched power structure is too strong, too embedded.
Even a mass insurrection by the citizenry would likely fail since I am convinced the elites would willingly murder millions of citizens to maintain the status quo that keeps the elites in power.
Note the increased militarization of all levels of law enforcement, ready to quell the populace.
The elites also have the might of the armed forces to draw upon.
The citizenry are powerless.
Vote the bums out? Hah!!! Replace the bums with other bums the elites place before us to vote upon?
The “system” is finely honed to maintain the status quo.
The only method I can envision for meaningful change is a military coup by a patriotic military officer corps with a gradual return to civilian control after true actual real meaningful changes are made.
Until then… the elite class, their minions and their lackies are “running the show.”
I totally agree with you Obbop, but if you’re looking for a solution, you’re all welcome to move up here to Canada, we’re not corrupt yet…
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