Wednesday, March 11, 2009

Truth in Accounting says debt soon to top $11T

From the inbox:
Be The First To Know: America's Official Debt Will Soon Top $11 Trillion

This week, the official debt of the United States of America will top $11 trillion, just 165 days after hitting $10 trillion. "To increase the debt at this alarming rate is just plain scary," said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting, the Northbrook, Illinois based accounting watchdog organization.

The absolute size and the growth of the nation's obligations are alarming.

"In round numbers, U.S. debt will shortly cross the $100,000 level for every household in America." said Weinberg. "There is no parallel to this amount of absolute debt in American history, even during our wars and recessions. For example, the U.S. debt at the end of World War II was $258 billion or just $2.8 trillion in today's dollars."

Total U.S. obligations have ballooned since the economy turned down. "The Federal government is bailing out banks, the auto industry and the housing market," said Roger Nelson, the Institute's chairman. "At the rate the feds are borrowing I am wondering who is going to bail out our country?"

The U.S. government has risen to an unprecedented $11 trillion. That's up from $9.4 trillion just one year ago. Debt held by the public has grown by nearly $1.4 trillion or a whopping 25.8%. Nelson said, "The growth in our 'public' debt concerns me, because an increasing proportion of 'the public'' are actually foreigners who may not have our nation's best interests in mind."

This official debt is only part of the nation's obligations-unfunded liabilities and social insurance promises are more than five times greater. Find out more and keep an eye on the rising debt by viewing our spinning debt clock at:

No comments: