Obama: "We're out of Money."
[link to www.c-span.org] [Warning: PDF]

In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: "We are out of money."

C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits

"The figure Walker cites includes future payments that government entitlement programs would have to pay, including $32 trillion owed by Medicare."
[link to www.cnn.com]

"Add together the unfunded liabilities from Medicare and Social Security, and it comes to $99.2 trillion over the infinite horizon."
[link to www.dallasfed.org]

U.S. unfunded liabilities: over 108 Trillion dollars
[link to usdebtclock.org]

BLOOMBERG: ‘There’s No Money Left,’ U.K. Minister Learns
May 17, 2010
"Arriving for work at the U.K. Treasury last week, the incoming chief secretary, David Laws, found a note from his predecessor, Liam Byrne, offering advice on the job.
``Dear Chief Secretary, I’m afraid to tell you there’s no money left,´´ Laws cited it as saying."
[link to www.bloomberg.com]

The Future in 15 Seconds

[link to www.youtube.com]