"... Whoever wakes up in the White House after the inauguration ball will have to soberly confront the ugly reality of the U.S. government’s oppressive debt levels, writes Satyajit Das.
"U.S. government debt currently totals around $16 trillion. The Treasury estimates that this debt will rise to around $20 trillion by 2015, over 100% of America’s Gross Domestic Product.
That’s not counting other current and contingent commitments not explicitly included in the debt figures — government support for Freddie Mac and Fannie Mae (known as government-sponsored enterprises) of over US$5 trillion and unfunded obligations of over $65 trillion for programs such as Medicare, Medicaid and Social Security. State governments and municipalities have additional debt of around $3 trillion. ..."
"... Michael Belkin predicts 40% stock market drop... "
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