“The idea that the Obama administration has the budget deficit under control is a complete and total lie.” –Michael Snyder, The Economic Collapse blog
In today’s alert, I’d like to draw your attention to an important post by Michael Snyder of The Economic Collapse blog proving the federal deficit and debt are not under control – even though the Mainstream Media has stopped covering the growing fiscal calamity and the Obama administration is trying to claim the deficit has been dramatically reduced.
In “The U.S. National Debt Has Grown by More Than a Trillion Dollars in the Last 12 Months,” Snyder supplies the facts and charts you need to be in the know about the sordid financial condition of the United States.
–“According to the U.S. Treasury, the federal government has officially run a deficit of 589 billion dollars for the first 11 months of fiscal year 2014. But this number is just for public consumption and it relies on accounting tricks which massively understate how much debt is actually being accumulated…the U.S. national debt has actually grown by more than a trillion dollars in less than 12 months.” (emphasis added)
—We are in “the greatest government debt bubble in the history of the world, but very few people seem to have any desire to do anything about this anymore. We are literally gorging on debt, and most Americans seem to think that it is just fine and dandy.” (emphasis added)
–“The U.S. national debt has increased by more than 7 trillion dollars since Barack Obama has been in the White House. By the time Obama’s second term is over, we will have accumulated about as much new debt under his leadership than we did under all of the other U.S. presidents in all of U.S. history combined.” (emphasis added)
–“At this point the U.S. government has accumulated more than 200 trillion dollars of unfunded liabilities that will need to be paid in future years. In other words, we have made more than 200 trillion dollars worth of promises that we do not have money for yet.” (emphasis added)
Friends, please review Snyder’s entire post and share it with your friends. This is a growing crisis that must be addressed.
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