By From The Washington Times (Terence P. Jeffery, “All Is Not Well”, 12/5/09):
“In March, the Peter G. Peterson Foundation, led by former U.S. Comptroller General David Walker, calculated the total value of the federal government’s “unfunded liabilities” as they stood at the end of fiscal 2008. These liabilities include the publicly held portion of the national debt plus the amount the government must pay to cover all the entitlement benefits it has promised to living Americans through Social Security, Medicare and other welfare-state programs minus the tax revenue the government can expect to collect to pay for these entitlements under existing tax law.
“The sum of these unfunded liabilities, the foundation discovered, stood at $56.4 trillion. That equals $435,000 for every full-time worker in the United States.”
…
“In 2008, President Bush’s last year in office, the federal government spent $2.983 trillion. Under Mr. Obama’s plan, according to the Congressional Budget Office, annual federal spending will climb to $4.982 trillion by 2019. In 2008, the federal deficit was a record $459 billion. Over the next decade, Mr. Obama’s plan would increase the national debt by a total of $7.137 trillion, running annual deficits averaging $713.7 billion per year.”
Without controlling spending, Obama and his Democrat colleagues are going to bankrupt this country.
