Federal Debt now $9 TRILLION!

30 03 2007

From •Cnn.com•, the head of the General Accounting Office is travelling the nation warning about the dangers of the federal debt, which has reached the staggering figure of $9 trillion.

Absolutely unconscionable. Every politician in Washington should be put on trial for malfeasence. Starting with the Idiot-In-Chief and his demonic lackies.

An excerpt:

By Kyle Almond
CNN

(CNN) — He has recently made stops in Iowa, New Hampshire and South Carolina, giving speeches and holding town hall meetings. But he’s not seeking the presidency.

David M. Walker, the nation’s top accountant, is instead touring the country to warn Americans about the consequences of a federal debt he says is on an unsustainable course.

Walker, who heads the General Accountability Office (GAO), has visited college campuses, spoken to lawmakers in Washington and toured 19 states in the last year and a half.

He plans to continue through next year and is focusing on states that could affect the 2008 presidential race, in hopes that candidates will heed his message.

“If [the candidates] don’t make [the debt] one of their top three priorities, in my opinion, they don’t deserve to be president and we can’t afford for them to be president,” he told CNN.

The federal debt has soared during the last two decades — from $2.13 trillion in 1986 to $5.22 trillion in 1996 and $8.51 trillion in 2006.

The federal debt now stands near $9 trillion.

The way programs such as Social Security, Medicaid and Medicare are structured, the government will incur an additional debt of $50 trillion during the next 20 years, according to GAO figures.

The $50 trillion total amounts to about $440,000 per American household, Walker said.

The primary drivers behind the additional rise in spending are the baby boomers, who start becoming eligible for Social Security in 2008 and Medicare in 2011.

“We are talking about an unprecedented change in the demographic landscape of America,” Walker said. “And we are not prepared for this oncoming wave.”

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