Facts On America’s Financial Crisis

America’s Financial Crisis- how bad is it?

General Motors, once the strongest and largest corporation in America, went bankrupt because Management didn’t see the mistakes they made until it was too late.

Now the same thing is happening to the U.S. Government.

“There is a real chance America could go bankrupt”.
- Bill O’Reilly, Talking Points 2/12/10

“U. S. credit rating at risk- Moody’s”
- Daily Telegraph

The AAA bond rating on U.S. bonds is threatened as Moody’s says U.S. finances are already extended and could be overstretched.

Other News items:

National Debt at 12.4 Trillion Dollars and growing.
Warren Buffet says the economy is in shambles but thinks it will improve in 4 years. When asked why he thinks it will improve he said, “Because it always has”.
The United Nations and China have both proposed replacing the U.S. dollar as the defacto world currency because of our weakened economy.
The U.S. government is spending beyond its budget; it is only able to operate because of foreign loans.
Manufacturing in the U.S. is at its lowest in 26 years.
The wealth of America is being sapped dry as each year we send:
- $265 billion to OPEC and other oil producing countries
- $296 billion to China for items we import

According to the non partisan Congressional Budget Office (CBO), by 2019 a whopping 82% of our Gross Domestic Product will go to pay down our national debt. This means in future years the U.S. government could owe its creditors more than the entire economy can produce!