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IPFS News Link • Economy - Economics USA

The 2009 Financial Report Of The U.S. Government Is Out - America's Economic Goose Is Cooked

• By Michael Snyder,
The 2009 Financial Report Of The U.S. Government has finally been released, and the news is not good. It basically confirms much of what we already know - that the United States government is a complete financial mess. The U.S. government budget deficit for 2009 was a record-setting 1.417 trillion dollars. The total liabilities of the U.S. government rose from 12.178 trillion dollars at the end of 2008 to 14.123 trillion dollars by the end of 2009. At their present rates of growth, the interest on the national debt and spending on entitlement programs will gobble up almost every single dollar of federal revenue by the end of the decade. Throughout the report, the word "unsustainable" is repeatedly used.

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Comment by Ross Wolf (28231)
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U.S. deficit spending and huge interests on borrowed money will cripple America's ability to support its military. China will not have that problem because it employs cheap labor including prisoners to make products its sells on the Asian market. China has no deficits.