JB> This is one reason why socialism doesn't work.......

 JB> =======================================

 JB> http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=8
 JB> 8851

 JB> MONEYNETDAILY
 JB> Federal obligations exceed world GDP
 JB> Does $65.5 trillion terrify anyone yet?

 ...

 JB> By Jerome R. Corsi

 Ah, the man disowned by the Smear (Swift) Boat liars (vets) for
 Bush.

 JB> As the Obama administration pushes through Congress its
 JB> $800 billion deficit-spending economic stimulus plan, the
 JB> American public is largely unaware that the true deficit of
 JB> the federal government already is measured in trillions of
 JB> dollars, and in fact its $65.5 trillion in total
 JB> obligations exceeds the gross domestic product of the world.
 JB> The total U.S. obligations, including Social Security and
 JB> Medicare benefits to
 JB> be paid in the future, effectively have placed the U.S.
 JB> government in bankruptcy, even before new continuing social
 JB> welfare obligation embedded in the massive spending plan
 JB> are taken into account.

 In which case the stimulus is such a small part of that as not
 to matter. After all, it was Dick Cheney who said, "Deficits
 don't matter".

 What he didn't tell you is, that 65.5 Trillian is not today, not
 this year, but over the period of years in which that debt will
 be paid off. IOW, with social security, being paid into by a
 15yr old, that could be 50 years in the future they are talking
 about. And that means the "bankruptcy" must be figured on the
 projected revenue over the next 50 years, not this year.

 If you figured debt on the Basis Corsi implies here, someone
 with a $50K/yr income, close to family median, buying a house,
 with other liabilities low, according to my bank's mortgage
 calculators you can qualify for a mortgage of $178,000.

 At which point you are bankrupt the day you get the mortgage,
 applying Corsi logic.

 And if Corsi's example was adjusted for inflation on the up
 side, you have to adjust for inflation on the GDP side. That
 means the payoff cost is reduced, adjusted against today.



BOB KLAHN bob.klahn{at}sev.org   http://home.toltbbs.com/bobklahn

... ... Light year -- Same great distance, only half the calories.
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