The U.S. is Insolvent, 2008 looms

Dr. Chris Mortenson, FSU Editorial: The United States is Insolvent

"The US is insolvent. There is simply no way for our national bills to be paid under current levels of taxation and promised benefits. Our federal deficits alone now total more than 400% of GDP. That is the conclusion of a recent Treasury/OMB report entitled Financial Report of the United States Government that was quietly slipped out on a Friday (12/15/06), deep in the holiday season, with little fanfare."

Geez, that sucks.

Written on December 19, 2006