The Dollar's Inevitable Demise
by Vasko Kohlmayer - May 4th, 2010 - American Thinker
Consider these figures. The current size of the American economy is roughly $14 trillion. As of this writing, the federal government's total public debt stands at nearly $13 trillion.
This, however, is not the worst of it, because the national debt represents only a relatively small portion of our government's total financial obligations. The far greater bulk is made up of long-term liabilities inherent in entitlement programs. According to the latest estimates by the Dallas Federal Reserve, the combined liabilities of Medicare, Social Security, and Medicaid amount to an astounding $104 trillion.
Think that the recent (unadjusted) government claim that our economy grew 3.2% last month is anything but an irrelevant illusion? The recent 2% spike in inflation, downplayed by the Obama regime while it hypes the growth figure, is just the beginning. Nothing can stop the coming rampant inflation. Obama does not have a clue about economic issues. He is a naive and ignorant "community organizer" who is in so far over his head he cannot conceive of the damage he is doing to our nation.