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Friday, June 26, 2009

Mind the gap!


(HT: Wolfi's View from London.)

[I]n addition to the fed’s ‘official’ debt, there’s some $100 trillion more of unfunded liabilities, commitments and obligations. Those are mostly things such as Social Security and health care commitments that the government has sworn to honor. If all those “debts” are put together…well, it comes to one helluva number – about $157 trillion of debt in America, or more than 10 times total annual GDP.
--from "The Triple Crown of Financial Catastrophes" by Bill Bonner (6/10/2009)
[P]oliticians in modern, developed democracies are now bribing voters on a breathtaking scale – protecting their bank accounts, shoring up their houses, giving them jobs and health care. In the US alone total US government debts, obligations and commitments now come to $112 trillion. Congressmen risk neither jail nor insurrection. Cometh the old question; how do they get away with it?
--from "Kleptocracy in America" by Bill Bonner (6/12/2009)

Makes one wonder: where will that single payer--whoever she may be--get the money to pay for single-payer healthcare?

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