The 2009 Financial Report Of The U.S. Government Is Out
Get the picture?
March 4, 2010
By Michael Snyder
hat tip: Blacklisted News
The 2009 Financial Report Of The U.S. Government has finally been released, and the news is not good. It basically confirms much of what we already know – that the United States government is a complete financial mess. The U.S. government budget deficit for 2009 was a record-setting 1.417 trillion dollars. The total liabilities of the U.S. government rose from 12.178 trillion dollars at the end of 2008 to 14.123 trillion dollars by the end of 2009. At their present rates of growth, the interest on the national debt and spending on entitlement programs will gobble up almost every single dollar of federal revenue by the end of the decade. Throughout the report, the word “unsustainable” is repeatedly used. The authors of the report understand that the U.S. government simply cannot keep spending and borrowing like it has been recently. But if the U.S. government slows down this reckless spending even a little bit it could literally plunge the U.S. economy into a deflationary depression. In fact, even with all of the “bailouts” and “stimulus packages” there are many who would argue that we are already in a depression. In any event, the authors of the report make it clear that the United States government is facing a financial crisis of unprecedented magnitude.
Just consider the following chart below. This chart comes straight out of the 2009 Financial Report Of The U.S. Government, and it shows how explosively federal deficits have grown in recent years….
by Melissa Ngo
hat tip: Privacy Lives
Last year, the Washington Post reported that Senate Democrats were looking to change federal immigration laws (after failing to overhaul them in 2007). Instead of just creating an error-filled national database of Americans’ employment eligibility, legislators were seeking to require “that all U.S. workers verify their identity through fingerprints or an eye scan.”
Now federal legislators are again looking to create a national identification system with biometric data on all U.S. workers, not just immigrants. In a Washington Post editorial, Sens. Charles E. Schumer (D-N.Y.) and Lindsey O. Graham (R-S.C.) announced a framework for immigration reform. (After the jump, I explain the substantial privacy problems inherent in the proposed system.):
Our plan has four pillars: requiring biometric Social Security cards to ensure that illegal workers cannot get jobs; fulfilling and strengthening our commitments on border security and interior enforcement; creating a process for admitting temporary workers; and implementing a tough but fair path to legalization for those already here.
Besides border security, ending illegal immigration will also require an effective employment verification system that holds employers accountable for hiring illegal workers. A tamper-proof ID system would dramatically decrease illegal immigration, experts have said, and would reduce the government revenue lost when employers and workers here illegally fail to pay taxes.