Federal obligations exceed world GDP, says MoneyNetDaily

That's right.  You read that correctly.  The title says, "Federal obligations exceed world GDP".

Jerome R. Corsi, writes for MoneyNetDaily/WorldNetDaily:

"As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world."  

Corsi continues:

"The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account.

The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the "2008 Financial Report of the United States Government" as released by the U.S. Department of Treasury."

To read the entire exclusive story, click here:  Federal obligations exceed world GDP

Are you worried yet?

Corsi ends with these words:

"The federal government is bankrupt," Williams told WND. "In a post-Enron world, if the federal government were a corporation such as General Motors, the president and senior Treasury officers would be in federal penitentiary."

John Williams, quoted above, publishes the website Shadow Government Statistics.

Sadly, people in the US copy the government.  If Uncle Sam can spend more than he takes in, why shouldn't we? 

I wonder when we're all going to wake up and realize that we need to balance our budgets - at home and in the government?  I wonder when we'll realize that we cannot continue living off of borrowed money?