America Owes More Than Its Citizens Are Worth

A recent press release from the Peter G. Peterson Foundation says that America will soon owe more than its citizens are worth.

The collective net worth of all American citizens is less than the sum of America’s liabilities and other financial commitments. The figures were calculated with federal financial statements available as of Sept. 3o, 2008 so they do not include all the recent bailout packages, the recent huge losses in the stock market or the latest federal deficit numbers.

Former US Comptroller General now Foundation President and CEO David Walker said, “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.”

Anybody want to bet me that President-elect Obama and the next Congress will not do any of those things?

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