America is in a state of potentially irreversible calamity. Government at almost every level in the nation is financially insolvent. The Federal Government has a $1.6 trillion 2011 budget deficit. The deficit is projected to be $1 trillion a year over the next 8 years. Federal debt now totals approximately $14 trillion. State governments are also bankrupt. California, the largest state in the union, has a current deficit of $25 billion. New York faces a $3 billion deficit. Forty-eight of the 50 states are facing massive spending reductions as a consequence of budget deficits. Major cities are also facing shortfalls. Chicago is furloughing city employees in an effort to reduce the city’s deficit.
Unemployment remains high; currently 7.8% nationwide and this figure, while reflecting a new normal does not observe the real state of unemployment in the US economy.. The real unemployment rate, accounting for the unemployed and underemployed is approximately double the specified rate. The price of gold has reached new records, at over $1,500 per ounce, as the US dollar is devalued. The dollar is now 30 cents lower than its value 10 years ago. The Democratically controlled Senate and President Obama continue to spend trillions of taxpayer dollars in the form of economic stimulus money, and banking and auto industry bailouts; and with the implementation of the Health Care Affordability Act, another $1.8 trillion will be added to federal spending over the next ten years.
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