As former Federal Reserve Chairman Alan Greenspan repeatedly testified to Congress (both House and Senate), we need to have folks from foreign lands move here to the U.S..
You probably know about the approximately $20 trillion U.S. Government Debt – – euphemistically called the “National Debt?”
Although it increases so quickly that even the treasury can’t really know, they claim you can see “The Debt To the Penny” here.
But do you know about those U.S. Government “unfunded liabilities” — obligations for which no funds are planned or available? These are mostly “social insurance” payments, money promised to older folks in the form of Social “Security” and Medicare.
According to ultimate insider  Peter Fisher, you might … What Has Government Do... Best Price: $11.16 Buy New $6.50 (as of 11:40 EDT - Details)
“Think of the federal government as a gigantic [social] insurance company with a sideline business in national defense and homeland security. This particular insurance company, it turns out, has made personal promises to its policyholders that have a current value of $20 trillion or so in excess of the revenues it expects to receive. An insurance company with cash accounting is not really an insurance company at all,” he added, “it’s an accident waiting to happen.” -Peter Fisher, fmr U.S. under secretary of the Treasury for domestic finance
Unfortunately, while his description is deadly accurate, when Mr. Fischer made that statement, he was just “eyeballing” the situation. So, how bad is it now?
Well, according to gonzo Boston U. Econ prof Laurence Kotlikoff — and the 1,000 or so other economists including 15 Econ Nobel winners — that figure is more like $200 trillion.
But the bad news is even that was in the good old days five years ago.
Because it keeps growing by leaps and bounds, it’s hard to keep up but if you have your heart medicine, tranquilizers, and opioids handy — and have placed your firearms well out of reach — you can find a conservative estimate of the current situation here.
This does not bode well for either the government or the country – – – especially not for retirees.
The bottom line is, if you’re a U.S. “taxpayer,” your share of Uncle Scam’s promised but unfunded debt is just short of $1 million dollars. How are you going to pay?
According to former U.S.Comptroller of the Currency David Walker, these unfunded liabilities, together with the record trade deficits, record federal budget deficits, lack of savings, etc. amount to a ‘fiscal hurricane’ that will generate a “debt tsunami” which will overtake and swamp the U.S. Government and citizens alike.
In other words, if Uncle was honest, he would be telling the world, “I know I’m gonna have to come up with maybe $200 trillion – – – but I don’t have a clue how.”
And in the mean time, we have the Prez and all those congressional Einsteins arguing over separating families and expensively jailing their kids — and how hard they’re going to make it for undocumented folks to become tax-paying U.S. citizens???
Economics in One Lesso... Best Price: $1.98 Buy New $8.95 (as of 09:35 EDT - Details) It shouldn’t take a rocket scientist to figure it out. Even Alan Greenspan knew. Uncle should make it as easy as possible for these folks to sign-on to the Titanic. For Gump’s sake, print up a simple citizenship form — perhaps one line only:
Allow anyone to sign-up on the spot — or even just make their ‘X’. Instantly issue them a Social “Security” number, help them get a driver’s license, and get them a job!
PRONTO — before they wise-up!!!
Wish I was kidding.
 Before he held the position above (in charge of selling U.S. Government debt — Treasury Bills (T-Bills), stuff like that), he and the rest of “The Working Group on Financial Markets” A.K.A. “the Plunge Protection Team” ran the secretive Exchange Stabilization Fund (ESF) — which was set up in 1934, soon after F.D. Roosevelt treasonously criminalized the private ownership of gold in 1933. His job at ESF was to attempt to keep exchange rates stable in the absence of the gold standard. When Fisher describes the U.S. Government as “an accident waiting to happen,” even EF Hutton listens.
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