Our Economic Condition
Although our government is the largest business in the world, what many Americans are unaware of or unwilling to face is that our government, and therefore our nation, is now officially bankrupt. The last 40 years has seen our government’s indebtedness grow beyond comprehension. At the time of this writing, our country has gone from being the largest creditor nation to being the largest debtor nation in the world all within a time span of less than 50 years! Today, we have a total national debt of over 15 trillion dollars (national deficit and debt are one of the same), which equates to $43,000 per person or $215,000 per household of five. Already, the interest payment on the national debt is the largest item on the federal budget by far. Yet, this is only the tip of the iceberg. At the time of this writing, (1/12) we can add another….
1) $1 TRILLION needed to bankroll the new Obama healthcare plan.
2) $1.36 TRILLION from the U.S. Federal deficit.
3) $4.12 TRILLION owed to foreign investors (for example, we owe $2.1 trillion to the Chinese in treasury bonds that they have cumulatively purchased)
4) $6.27 TRILLION in cumulative deficits projected over the next 10 years.
5) $110 TRILLION of unfunded liabilities in Social Security, Medicare, Prescription Drug benefits that will need to be paid out in the very near future.
Today, America’s total debts and forward liabilities equals 136 TRILLION DOLLARS! This amount is so staggering, so overwhelming and so shocking that it literally defies comprehension. Worse, we do not even have the assets available to liquidate this debt If we took the value of all personal wealth of Americans (houses, cars, savings accounts, etc), corporate assets, small business assets, commercial real estate, and even non-profits, we would come to a total of approximately $74 trillion. Subtracting out the difference, we would still be in the hole for $62 trillion dollars! Each man, woman and child in our country would have to give $199,845 over and above our assets to eradicate this deficit! In other words, a family of five would have to give the government $736,249 to liquidate this debt. So, if the taxpayer where ultimately required to pay the total due, the typical American household family of five would have to cough up over $951,249, nearly a MILLION DOLLARS! And mind you, this is for every household in America! Incidentally, by the time you read this chapter, it will easily be over $1,000,000!!
Excerpt from Chapter VIII. "The Coming Global Economic Collapse" in the book Signs of the Coming Messiah in This Generation