The U.S. government’s official debt is at an all-time high of $11.8
trillion. Every year, Washington has to make a staggering $335.3
billion in interest payments just to avoid default on that debt. In
fact, just the interest on the national debt now equals 12% of all
federal spending.

The Federal Reserve is also in hock up to its eyeballs — the
liabilities on its balance sheet have DOUBLED — from $1.2 trillion a
year ago to more than $2 trillion today.

Most terrifying of all — especially with the first wave of almost 4
million baby boomers reaching retirement age this year — unfunded
government IOUs are coming due on Social Security, Medicare, and
Federal pension payments. Those obligations are enormous: An
estimated
$104 TRILLION.

We are now the single most indebted nation in the history of the
planet. We owe more to foreign investors, retirees and ordinary
citizens than we could ever hope to repay.

And that’s not the half of it: Washington will add an all-time record
$1.8 trillion to the national debt, pushing our budget deficits to
almost 13% of GDP.

This year and every year for the foreseeable future, Washington will
have to borrow 80% of the world’s surplus savings just to pay its
bills!