Thursday, May 13, 2010
Deficits, Debts and Unfunded Liabilities
Some the trenchant points in this Center for Freedom and Prosperity video:
1) Federal deficits will average $1 trillion per year from now on.
2) The national debt is 60% of GDP today but is set to rise to 90% of GDP by 2020.
3) The Public Held Debt is how much money the federal government has borrowed from private credit markets to finance deficit spending--this stands at $9.9 trillion!
4) The Gross Federal Debt includes the Public Held Debt plus what the treasury has borrowed from other government accounts--such as the social security trust fund--and this debt stands at $14.5 trillion!!
Is it no wonder why gold has hit a new record high of $1,242.70 an ounce.