Obamanomics –The Road To Insolvency
The road to insolvency is paved with red ink. How can the United States become insolvent? Easy, just add the Obamanomics deficits, as laid out in the President's ten-year plan, to the existing $11 trillion national debt and it will not be long before the US is unable to meet its financial obligations. Presently, debt held by the Social Security Trust Fund and other governmental agencies is $4.4 trillion, plus the remainder of the debt (owed to citizens or "foreign" owners) is $6.6 trillion. Approximately 50% of US debt is owed to foreigners, up from 31% in 2000, and this debt will undoubtedly continue to climb. If China and other foreign creditors lose their appetite for US debt, the result will be catastrophic for the dollar… Continue reading | 7 Comments