Federal obligations exceed world GDP
By Jerome R. Corsi
As the Obama administration pushes through Congress its $800 billion deficit-spending economic 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.
Don't worry, it's not quite that bad as the world GDP is estimated to be 70 trillion in '08. People are always exaggerating!
The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the "2008 Financial Report of the United States Government" as released by the U.S. Department of Treasury.
The pols have been lying to us?!?!?!? Say it isn't so, Joe!!
"In a post-Enron world, if the federal government were a corporation such as General Motors, the president and senior Treasury officers would be in federal penitentiary."
Go read the whole article here: Federal obligations exceed world GDP.
Any possibility of a happy ending here? Anyone?