Economyincrisis.org - America's Economic Report - Daily

Continuing to Live Beyond Our Means Published 01/31/09 Dustin Ensinger - Print Article E-mail - editor@economyincisis.org While Washington ponders how to best spend the $819 billion in the most recent stimulus package, the rest of the world is wondering where the money will come from, according to the New York Times. World leaders meeting at the World Economic Forum in Davos, Switzerland are beginning to raise concerns about the massive amount of debt America is taking on to try and stimulate an economy on life support. The U.S. is currently $11.3 trillion in debt, not counting unfunded obligations such as Social Security and Medicare - programs that will be stretched to the brink as the baby boomer generation begins to retire. With a stimulus package that could grow to over $1 trillion by the time it is eventually passed, and the warning from President Obama that yearly budget deficits of $1 trillion would become more commonplace, many world leaders are beginning to question America’s fiscal irresponsibility. Economyincrisis.org - America's Economic Report - Daily