US Headed for Bankruptcy!

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US Headed for Bankruptcy!

Post by KaptainSteve on Mon Feb 18, 2008 7:13 pm

David Walker, the Comptroller General of the U.S. Says So!
(and who would know better than he???)

The baby boomers start collecting social security and medicare (especially with the new 8 trillion dollars added with the prescription drug bill to the 20 trillion dollar medicare obligations) this year, 2008. There is no way the government can pay this for much longer. It will take 8 trillion dollars today invested at treasury rates to deliver on the current medicare obligations. The problem is that there is ZERO invested today. Even the the Federal Reserve Chairman Ben Bernanke said that this is a problem that can't be grown out of by economic improvement.

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