July 17, 2009
The Treasury Department has announced that the deficit has risen to an all-time record of $1 trillion. The share for each American is $3,500. By fall, that individual share is expected to rise to $6,000.
The national debt continues to soar. The Treasury Department says it stands at $11 .5 trillion, costing every American $37,600. The total unfunded liabilities for the United States are $60.6 trillion, which exceeds the total net worth of the country. Paying off this liability would require every American to write a check to the Treasury Department for $198,000.
Does anyone care about this, or do we ignore what our government – in this case the Obama administration – is doing to our country? We can’t go on like this, or we face economic ruin. Our retirement savings could go bust. And this is all before so-called “health care reform” with higher taxes and inferior service is imposed on the country.
The socialists now running things may well ruin us unless they are stopped. Unfortunately the first chance won’t come until November of next year. In the interim, they can cause a lot of damage.
Cal Thomas is a nationally syndicated columnist based in Washington, D.C.