Moral Outrage
Whew! God help us!

If Uncle Sam was a real person, he would declare bankruptcy

The FDIC shut down a record 140 banks across the States last year, and is itself running low on cash.

Last year the Pension Benefit Guaranty Corporation figured its fund was running a $34 billion deficit. Federal pensions are underfunded by $1 trillion. State and local retirement funds are short about $3 trillion.

Uncle Sam’s current net liabilities exceed Americans’ net worth. Net interest is expected to more than quadruple to $840 billion annually by 2020.

Outlays for the Iraq war will persist decades after the troops return as the government cares for seriously injured military personnel; total expenditures will hit $2 trillion or more. Extending and expanding the war in Afghanistan will further bloat federal outlays.

If Uncle Sam was a real person, he would declare bankruptcy.

[Excerpts of an article by Doug Bandow, a senior fellow at the Cato Institute.]


2 Responses to “If Uncle Sam was a real person, he would declare bankruptcy”

  1. […] undeclared creeping US bankruptcy In essence the US is bankrupt, but how will it go about filing for […]

  2. i wish uncle sam would go bankrupt. take away the punch bowl. We have a separate federal reserve, so we still would have the dollar. Lets crush the poor people they are the problem. Poor people eat up our resources and produce nothing.

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