ObaMadoff

The story of the "ponzi scheme" perpetrated by Bernie Madoff is by now familiar. Federal authorities are busy trying to confiscate his business and personal assets in an effort to recoup for Mr. Madoff's victims at least some of the tens of billions of dollars lost in the massive fraud.
In the meantime, other federal officials in the same government are carrying out a ponzi scheme that makes Mr. Madoff look like a rank amateur. While they surely did not start the problem, this Congress and the current President are pouring gas on the fire - spending so profligately and irresponsibly that the debt created will be unsustainable.
In an article on February 13 in WorldNetDaily, Jerome Corsi reported that our federal obligations exceed the GDP of the world. The link to his story is below, but here are some key points made in the article:
"As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.

The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy..."

Mr. Corsi provided links in his article, which I also provide below, to the actual reports from the U.S. Treasury Department that support his claims.
The simple fact is that all levels of government in this country take too much in taxes and yet still manage to spend more than they take in through those confiscatory taxes. We have the second highest corporate tax rate in the world (just a couple of percentage points behind India and tied with the economic powerhouses of Argentina, Malta, Pakistan and Zambia) and our individual rates are among the highest and going higher (at least for U.S. citizens defined as "rich"). More than half our states run deficits due to irresponsible spending, and now they're turning to the federal government to cover their shortfalls.
The tax and spend policies of our politicians - of all stripes but particularly those of the liberal persuasion - will inevitably bankrupt this country. Yet for some reason people keep electing the same nitwits to office.
Of the ten poorest cities in the country, all ten have Democratic mayors. Two of them have never had a Republican mayor and the other eight average 59 years since the last Republican administration. That can't be a coincidence.
It's long past time that the American people put aside the rhetoric and palavering of our politicians and watched what they actually do and hold them accountable. If we don't do it soon it may be too late.

http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=88851
http://www.fms.treas.gov/fr/