Thread: US Is in Even Worse Shape Financially Than Greece

Results 1 to 2 of 2
  1. #1 US Is in Even Worse Shape Financially Than Greece 
    An Adversary of Linda #'s
    Join Date
    Aug 2005
    Posts
    22,891
    When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries, Pimco's Bill Gross told CNBC Monday.

    Much of the public focus is on the nation's public debt, which is $14.3 trillion. But that doesn't include money guaranteed for Medicare, Medicaid and Social Security, which comes to close to $50 trillion, according to government figures.

    The government also is on the hook for other debts such as the programs related to the bailout of the financial system following the crisis of 2008 and 2009, government figures show.

    Taken together, Gross puts the total at "nearly $100 trillion," that while perhaps a bit on the high side, places the country in a highly unenviable fiscal position that he said won't find a solution overnight.

    "To think that we can reduce that within the space of a year or two is not a realistic assumption," Gross said in a live interview. "That's much more than Greece, that's much more than almost any other developed country. We've got a problem and we have to get after it quickly."

    Gross spoke following a report that US banks were likely to scale back on their use of Treasurys as collateral against derivatives and other transactions. Bank heads say that move is likely to happen in August as Congress dithers over whether to raise the nation's debt ceiling, according to a report in the Financial Times.

    http://www.cnbc.com/id/43378973
    Reply With Quote  
     

  2. #2  
    Senior Member
    Join Date
    Jun 2005
    Location
    Woodland Park, Colorado, United States
    Posts
    8,563
    This would mean that O Blah Blah succeeded in destroying our nation in a little over two years. Officially the worst president in the history of the once mighty USA.:mad:
    Education without values, as useful as it is, seems rather to make man a more clever devil.
    C. S. Lewis
    Do not ever say that the desire to "do good" by force is a good motive. Neither power-lust nor stupidity are good motives. (Are you listening Barry)?:mad:
    Ayn Rand
    Reply With Quote  
     

Bookmarks
Bookmarks
Posting Permissions
  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •