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ECONOMY: Our liabilities are even greater than Greece’s

Letter by O. T. Clark, Puyallup on May 5, 2010 at 11:57 am | 6 Comments »
May 5, 2010 11:57 am

Re: The editorial (TNT, 5-5) concerning the economic woes of Greece.

The stock market is going batty over Greece’s credit problems. Let’s compare her problems with the United States.

Greece has a public debt of $35,800/person, her unemployment rate is around 10%, is presently running an annual deficit of about 13% and has an unfunded liability of $265,000/person.

The United States has a public debt of some $42,300/person, our unemployment rate is about 10%, our annual deficit is about 13% and has an unfunded liability of over $107 trillion, $349,000 per person, and being added to every year. Watch the blood flow when the investor wakes up to the above facts.

All of the above information is readily available from the Web or can be calculated from such information. There is an excellent interview by FOX Business Network’s Brian Sullivan with famed economist and former Chilean Labor and Social Security Minister Jose Pinera, dated Feb 22, 2010, regarding the above unfunded liability at http://wallstreetpit.com/17422-jose-pinera-social-security-in-the-u-s-to-face-deficit-in-7-years.

It will take a Congress with a spine to solve our problems. Where will we find one?

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