Those figures are outdated. Actually, we’ve already crossed over that threshold. Mandatory spending (Social Security, Medicare, Medicaid, Food stamps, W.I.C, Unemployment, etc.) + interest on the debt (even at these artificially low levels) exceeds total tax revenues. And, as previously stated, both will continue growing rapidly near term.
Firing ALL federal employees would still leave us in the hole, without cutting entitlements. And no one is seriously proposing that, preferring to inflate.
We are effectively bankrupt.
US Is in Even Worse Shape Financially Than Greece: Gross 06/13/2011 8:32:58 AM PDT · by george76 · 28 replies CNBC ^ | 13 Jun 2011 | Jeff Cox When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries... Much of the public focus is on the nation's public debt, which is $14.3 trillion. But that doesn't include money guaranteed for Medicare, Medicaid and Social Security... The government also is on the hook for other debts such as the programs related to the bailout of the financial system following the crisis of 2008 and 2009, government figures show. Taken together,
Gross puts the total at "nearly $100 trillion http://www.freerepublic.com/focus/f-news/2733985/posts