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IPFS News Link • Economy - Economics USA

You Won't Believe How Bankrupt The US Is Till You See This

• By Bill Sardi with Matthew Sardi

https://www.kff.org/medicare/issue-brief/the-facts-on-medicare-spending-and-financing/There ought to be a law that the United States send to every citizen a copy of the US budget and actual spending by the Federal Government.  Fortunately, private enterprise does give us a picture of how well our country is doing financially. It's the US Debt Clock.

It would behoove every American to learn how much money the federal government takes in and spends. The US budget is not what is actually spent.  This is revealed in US DEBT CLOCK data. And not all data presented at US DEBT CLOCK is accurate.  Official data regarding unemployment released by the Bureau of Labor Standards should be disregarded.  Unemployment is rampant and has serious repercussions on the funding of federal programs (Social Security/Medicare) that rely on FICA payroll deductions.

I'm sure most members of Congress don't fully understand the dire financial predicament the country is in at the present time.  Neither does its citizenry.

Fortunately, via the internet and thanks to private enterprise, we have the opportunity to view our country's financial status on a single printed page or web page. We direct you to the US Debt Clock.

The data in this report is for the fiscal year (not calendar year), tabulated on May 27, 2021.  The entire fiscal year runs from October 1 of the budget's prior year through September 30 of the year being described.  For example: FY 2021 is between October 1, 2020 and September 30, 2021.

The CLOCK provides running totals of collections and payments by the federal government in real time. It is graphically organized into green boxes that indicate INCOME/ASSETS and red boxes that indicate EXPENSES and future financial obligations (outlays).

We are going to hold your hand and take you through the US Debt Clock step by step. Here is what we learn from the US Debt Clock.


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