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.


the Liberty Pen said...

No need to worry, the Keynesians will make everything better!! :-)

I am glad I purchased my gold 2 years ago, it's the only thing maintaining its value.

VH said...

Good on you for the gold move. I think that it is definitely going to head higher; I expect record territory for some time.