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The Debt Bomb -- Rebellious Truths

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Duck and cover, stock up on soup, and kiss the lies goodbye...we've dropped the debt bomb. More specifically, David M. Walker, former U.S. Comptroller General (Audits Gov.) and head of the GAO (Government Accountability Office) for 10 years, supports Rebellious Truths (http://rebellioustruths.org/) in their nonpartisan assault against misinformation, career politicians and the need for the American Youth to WAKE UP (http://www.youtube.com/rebellioustruths) about what's really going on with our country. The good news...we're not totally screwed...if we rise up in responsible rebellion. For more information on the sad state of our economic condition and the lack of initiative from our government to tackle our most pressing issues, check out Comeback America Initiative's budget video: http://www.youtube.com/comebackamericatv and take Walker's Fiscal IQ quiz at http://www.FiscalIQ.net Rebellious Truths website: http://rebellioustruths.org/ Rebellious Truths Facebook: http://www.facebook.com/rebellioustruths Twitter Truths Twitter: https://twitter.com/#!/rebelsfortruth Rebellious Truths YouTube: http://www.youtube.com/rebellioustruths Debt as a percentage of our GDP was at 99%. So what does that mean? That means that our debt has grown to the same size, in dollars, as our entire economy. Federal spending equaled about 24% of our total economy in Fiscal Year 2011. That's up from 2% in 1800, and at the current rate we could have government spending account for about 37% of our economy by the year 2040. Just as the financial health of a household is measured by its obligations compared to its income, you can measure the Federal Government's financial health in the same way. For instance, if the household (Federal Government) had an income of about $50k, it would have $314,000 dollars of debt. Could your family afford that? Yeah, didn't think so. But if you include future promises and liabilities, your family would be $1,391,605 in the hole. That's not chump change. At the end of Fiscal Year 2011, our debt was owned by foreigners at a 46% clip, that's a lot of foreign creditors knocking on our door. In 2010, we spent approximately $712 billion on our military, which is more than the next 15 nations, combined! Those are some big numbers. It's time we as a people spoke out and pulled the reins on our government's spending. If we truly want to live in a prosperous country, we cannot afford to keep racking up debt and expecting our future generations to foot the bill. Especially since WE ARE the future generation. To see where we got our numbers, download the packet from the Comeback America Initiative here: http://www.rebellioustruths.org/wp-content/uploads/2012/02/fiscal-facts-2012.zip Take their fiscal IQ quiz to test your knowledge of our government's finances: http://www.fiscaliq.net Less