The Fleecing of America

     Deficit spending and promised benefits for federal entitlements programs have put every man, woman, and child in the United States on the hook for nearly $175,000, says a new report by David Walker, Comptroller General of the United States. As of September 30, the final day of fiscal year 2007, the U.S. Government was $8.993 trillion in debt.  Of the nearly $9 trillion of debt, $5.049 trillion is in the form of Treasury Securities held by the public, while the other $3.944 trillion is in the form of loans made to the treasury from " Surpluses " in the trust funds of federal entitlement programs including Social Security, Medicare, Military Retirement, and Civic Service Retirement programs. In addition the government also faces a gap between the projected revenue expected from the current tax structure and the spending that will be required to cover promised benefits in Social Security, Medicare, Veteran's Administration and other Entitlement programs.  " If these items are factored in, " Walker said in his report, " the total burden in present dollar values is estimated to be about $53 trillion.  Stated differently the estimated current total burden for every American is nearly $175,000; and everyday that burden becomes larger. "  Of the $5.049 trillion in debt held by the public, $2.22 trillion is held by foreign investors.  To service the foreign-held debt the U.S. government must send interest payments abroad, which adds to the income of residents in other countries, not here in the United States.  In fiscal 2007 the Federal government owed $433 billion in interest on the money it had already borrowed and spent.  Over the past 25 years the federal deficit grew 8 fold, from $1.142 trillion to the present $8.993 trillion and mounting. And "We the People " continue to allow the convicts to run the asylum. Makes one wonder!