Google Custom Search

Monday, June 13, 2011

The U.S. Worse Off than Greece?

As most of us have been warning for several years, the chickens are starting to come home to roost with America's unbridled spending habits. One analyst says that now the U.S. is worse off than Greece.

You know, that country in the EU that is in economic collapse?

Here is part of the report:

"When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries, Pimco's Bill Gross told CNBC Monday.Much of the public focus is on the nation's public debt, which is $14.3 trillion. But that doesn't include money guaranteed for Medicare, Medicaid and Social Security, which comes to close to $50 trillion, according to government figures."

Actually, when the 14.3 trillion is added to unfunded liabilities, America's debt is well over 100 trillion. But naturally no one wants to deal with that, so it doesn't get reported...

No comments: