GAO: "USA is living beyond its means"

A wake up call to all Americans from the U.S. Government Accountability Office (GAO) - (formerly the "General Accounting Office").

http://GAO.gov

(since its over 10 min, i had to remove a few scenes in start to upload it)

Also do read this from Federal Reserve Bank of St. Louis Review, July/August 2006, 88(4), pp. 235-49:

"Is the United States Bankrupt?"
http://research.stlouisfed.org/publications/review/06/07/Kotlikoff.pdf
"This paper explores these views from both partial and general equilibrium perspectives. It concludes that countries can go broke, that the United States is going broke...."

- How can the US go bankrupt, when it can just print new money (US Dollars) at no cost? You cant, you just dont want people to watch the money supply too close then, which is why FED stopped showing the M3 money supply in 2006:

http://www.federalreserve.gov/Releases/h6/discm3.htm

- but the huge supply of newly printed US dollars will decrease its value. Ask yourself if the US dollar has fallen in value against other currencies lately e.g. the Euro, British Pound, Canadian dollar? or if gold or oil cost more in USD lately?

- In God you trust......but the FED?

Only one honest US politician will tell you whats really going on, Ron Paul. Not only does Ron Paul question the FED, he also want to shut down the IRS - if you wonder why, watch this almost 2 hour long video, and I am quite sure you can understand. If you think this movie shown here is scary, you havent seen anything yet:

http://video.google.com/videoplay?docid=-1656880303867390173

Forum:
http://eucitizens.eu

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[prettylyricsmarie]

I think once you have a system of money, you will have a system of corruption. Corruption only leads to poverty, mental illness, violence, more problems. More money, more problems. It really isn't money that's the problem, its the lack of values and morals people have, and how they use this lack of morals and values with money, to overpay some people and underpay the majority. It will only lead to major problems in the future.

[doctorw2]

the united states just spends and spends without any thought of long term goals or planning for its citizens or the fiscal well being of its nation. they are going to sink goodbye america hello china.

[MrGuvnah]

@endtyrany

Because the only way to return to a 91% tax rate and not crash the economy by strangling small businesses would be to reopen all the tax-loopholes and deductions that also existed under the 91% tax rate. Once you open those loopholes the richest end up with keeping far more of their money than they do now because they can afford to hire way more accountants than the rest of us, while everyone else pays a higher marginal tax rate. (Lower- to upper-middle class).

[adelle0001]

thanks!

[Agentxpoipoi]

thanks! useful to my research!

[Foxx1981]

59000 views... this should have 59 million views. Sorry America but your fellow americans have let you down, your debt is now 15 trillion and continuing to spiral out of control. To put it in perspective: you worked up a 8 trillion debt UP TO 2008, in just four years you have managed to double it almost.

[commando7144]

yea when you go to the hospital you get charged the most not like in the 60`s where you got charged the least and if they wouldn`t dipped into it it would of sustained itself for another 70 yrs.and the jobs bein created are mostly federal jobs that regulate and pich our pockets even more.the people arent spending shit they don`t have it period big gov pays 400$ a gallon of gas in afganastan wtf?

[AnchorageDentist]

Seriously it's almost to late to even say that. Hello!!!!

[endtyrany]

What is this guy trying to convey? tough choices like firing our teachers. like getting rid of our infastructure costs. Like not sending out pension checks to our city and state workers. if we are so short on funds why are we spending so much money since 911? Why are we in 130 countries around the world? Why are we still paying FICA = SSI? Why do we not return to the 91% tax rate for the richest persons that don't need all that extra money to live? Because he who has the gold makes the rules!

[ChrisCa1601]

GAO: "USA is living beyond its means"

Thank you Captain Obvious

[toetag88]

THE FED IS WHO IS LIVING BEYOUND ITS MEANS NOT WE THE PEOPLE