Wednesday, February 06, 2008

Decline And Fall Of...?

For those that have studied history, *cough*Rome, does any of this sound familiar?

In prepared testimony today, Adm. Michael Mullen, chairman of the Joint Chiefs of Staff, “says U.S. forces are ’significantly stressed’ by fighting in Iraq and Afghanistan.” “The pace of ongoing operations,” says Mullen, “impacts our ability to be ready to counter future threats.”

ABC News

$9.2 Trillion debt

Bottom line: Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined.

Unfunded promises made for Medicare, Social Security and federal retirement programs account for 85% of taxpayer liabilities. State and local government retirement plans account for much of the rest.

USA Today

"The top 1% of households owns nearly 40% of total household wealth -- more than the bottom 90% of households combined"

Businees Week

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