The GAO's Prediction on US Economy

**Big Smoothy** · 02-14-2008, 05:05 AM

David Walker is the GAO (top accountant) of the US government. Here is a short youtube of his prediction based upon mathematical calcualtions. Your opinions?

Over to you:

Link:

**Big Smoothy** · 04-08-2008, 08:28 AM

Here's a lecture using governmental statistics and academic data by Elizabeth Warren. A Harvard professor of Commercial Law. It's easy to follow and spoken toward us laymen and laywomen.

It's not negative and gloom & doom but it is, reality:

**Big Smoothy** · 09-11-2008, 12:10 AM

This is discussion on the "Uncle Sam" thread about the deficit for the coming budget year.

Here is a thread worthy of checking out. The OP is David Walker.

This is why I bumped this thread:

Uncle Sam thread:

But beyond all these near-term concerns affecting the government's debt load, he said the biggest challenge facing the country's coffers is rising health care costs. Federal spending on Medicare and Medicaid alone is expected to jump 30% in the next decade - from 4.6% of GDP this year to 6% in 2018. By 2050, it could jump to 12% of GDP.

As a result, Orszag said in the press briefing, "The nation is on an unsustainable fiscal course."

**Big Smoothy** · 10-26-2008, 02:51 AM

Here is a recent interview with Peter Schiff on October 28, 2008. It starts at the 55 second mark.

Opinions on this?

**Big Smoothy** · 10-31-2008, 12:58 AM

A Peter Schiff interview on the US economy - 6 years ago.

**Big Smoothy** · 11-06-2008, 08:50 AM

Here is the short version of "I.O.U.S.A." It's well worth watching and has been produced to be watchable and not dry.

This IS the truth.

Those that choose to watch, please respond with some comments and/or opinions.

Thanks.

**Big Smoothy** · 02-14-2009, 04:06 AM

The author is a polemicist but he did get these numbers right. The US is headed towards insolvency/bankruptcy:

MONEYNETDAILY
Federal obligations exceed world GDP
Does $65.5 trillion terrify anyone yet?
Posted: February 13, 2009
11:35 pm Eastern

By Jerome R. Corsi
© 2009 WorldNetDaily

As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.

The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account.

The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the "2008 Financial Report of the United States Government" as released by the U.S. Department of Treasury.

The difference between the $455 billion "official" budget deficit numbers and the $5.1 trillion budget deficit cited by "2008 Financial Report of the United States Government" is that the official budget deficit is calculated on a cash basis, where all tax receipts, including Social Security tax receipts, are used to pay government liabilities as they occur.

Link & Entire: Federal obligations exceed world GDP

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