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06/16/2009: "US debt is at $1million per family"
A former official in the George H.W. Bush White House estimates that the bloated public and private debt in the US works out to $250,000 for every man, woman and child in the country.
David Walker, the former US Comptroller General, says that the federal debt level is approaching $55 trillion and if you add in the what is owed on the state and local levels - plus personal household debt - it adds up to $75 trillion in obligations.
Walker, who now heads the Peter G. Peterson Foundation, named for the co-founder of the Blackstone Group, warned that without fiscal restraint, Uncle Sam may be guaranteeing that our future is not as prosperous as our past.
[ This all goes to suggest the report in Pravda about the US having hyper inflation like Zimbabwe within a year is on track. What an understatement to say the future won't be as prosperous as the past! ]
http://www.nypost.com/seven/06142009/business/us_debt_is_at_1m_per_family_174238.htm