2009: USA to Owe More Than All of Us Own

From the Peter G. Peterson Foundation:

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America Will Soon Owe More Than Its Citizens Are Worth

Financial Statements Show Approximately $56.4 Trillion in Federal Obligations
Prior to Recent Bailouts, Market Declines, Compared to $56.5 Trillion in Household Net Worth

FOR IMMEDIATE RELEASE / DEC. 15, 2008
Contact: Elizabeth Wilner / Myra Sung
212-542-9200 / ewilner@pgpf.org

NEW YORK (Dec. 15, 2008) - The sum of America's liabilities and other financial commitments now exceeds the collective net worth of its citizens, the Peter G. Peterson Foundation has calculated using the latest official data. Growth in the government's unfunded promises for social insurance programs such as Medicare, combined with a drop in Americans' net worth due in part by lower home equity values, is causing this unprecedented milestone.

The Foundation's calculations are based primarily on the new consolidated federal financial statements as of September 30, 2008 which do not reflect the additional toll taken by more recent market declines, bailout packages, and record October and November deficits. The financial statements show approximately $56.4 trillion in debts, liabilities, and unfunded promises for Medicare and Social Security versus the Federal Reserve's estimate a total household net worth of $56.5 trillion, both as of September 30, 2008.

"Given more recent developments, it's clear that America now owes more than its citizens are worth," said Foundation President and CEO David M. Walker. "Passing this shocking milestone highlights the need for President-elect Obama and the next Congress not only to turn the economy around and boost consumer confidence, but to put a process in place that will lead to tough choices getting made to strengthen the government's financial condition once the economy begins growing again..."

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Watch also this condensed version of the movie "IOUSA".

Afterwards, estimate the likelihood that the soon-to-be-inaugurated Narcissist-in-Chief and his Red Congress have the will (or even the ability) to stop the madness anytime before our country is liquidated by its creditors.

Alea iacta est.