If the United States were a company... we'd be out of business. If it were a
family... we'd be living on the streets. If it were a species... we'd be on
the verge of extinction.
But because we're the United States, we just keep on spending borrowed money
and burying our head in the sand.
Here's the U.S. debt situation in a nutshell at the end of 2009:
National debt $12.5 trillion (but ‘09 GDP is only $14.3 trillion)
Government spending FY09 $3.5 trillion (but tax revenue is only $2.1
trillion)
Government bailouts $11 trillion (equals $35,600 per U.S. citizen)
China is moving forward
with plans to diversify out of U.S. assets ... China is increasingly
concerned about the growing U.S. debt load.
