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May 12, 2010

(Video) Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

Topics: Political News and commentaries

Here's another one of of Econ 101 videos from the folks at Center for Freedom and Prosperity intended to teach Americans the basics of economics and the data on our current trajectory towards bankruptcy. Today's lesson on deficits, debt and unfunded liabilities is narrated by Kelly McDonough.

As Ed Morrissey notes over at Hot Air, the video is an especially timely lesson - given the wake of Greece's recent financial collapse.

Key points in the video:

  • Average annual budget deficits over the next ten years: >$1 trillion, or $1,000,000,000,000

  • Debt as share of GDP by 2020: 90% (Greece is at 113% today)

  • Unfunded liabilities: between $50 trillion and $106 trillion

  • Everyone shares the blame (although Kelly's juxtaposition of Bush's prescription deal with Obamas HC takeover is like comparing a rainstorm with a category 5 hurricane - what Obama did with health care is beyond comparison)

Posted by Richard at May 12, 2010 12:43 PM

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