The 2009 Financial Report Of The U.S. Government Is Out - America's Economic Goose Is Cooked:

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.

Read more: http://theeconomiccollapseblog.com/archives/the-2009-financial-report-of-the-u-s-government-is-out-americas-economic-goose-is-cooked

(I would have posted the article in it's entirety, but there are many interesting graphs that are best viewed on the original website)