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Charles Biderman, the editor of Trim Tabs, an economic and market research firm, was what you might call hot in his weekly blog this past week.  He said the U.S. is bankrupt: he added we have $89.5 trillion in liabilities and only $82 trillion in household net worth and the gap is growing. 
 
His numbers are actually too optimistic I’m afraid.  He forgot the unfunded pension liabilities of Medicare and social security.  That would add a cool $118 trillion to the tally so the total is 320% higher than the value of the assets. 
 
The worst part of the true nature of Bidermans’s blog is there is not one thing being done about it.  In fact, the borrowing binge is still front and center. 
 
Like it or not, for 56 years, congress and each administration have increasingly piled more and more debt on taxpayers, and they have increasingly thrown caution to the wind. 
 
If you can, get a grasp on these numbers.  The U.S. economy is projected to be $16.8 trillion this year.  This will bring in $2.8 trillion in federal tax revenue.  The federal spending budget is $$3.8 trillion if you want to call this a budget.  This is just the amount already promised on spending for this year.  Therefore, there is a $1 trillion spending deficit just for starters. 
 
How can any amount of debt be paid off if you don’t pay a nickel on it and you add $1 trillion per year to the total.  If GDP growth is anywhere like all the knucklehead forecasts, it will amount to around $550 billion with a b.  It’s so hard to exit the hole when you’re still making it bigger. 
 
It’s even worse than this.  There are 2 taxpayers in the U.S. for every social program recipient. 
 
By the time the baby boomers will have retired, it will be one to one.  


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