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Strategies & Market Trends : Waiting for the big Kahuna

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To: eddie r gammon who wrote (15074)	3/16/1998 3:22:00 PM
From: posthumousone	Read Replies (1) of 94695

from NY POST (is this worth considering?) The bottom line is this: The gross national debt at the end of 1997 was $5.51 trillion, up $200 billion from the previous year. And projections are it will be up $600 billion over the last two fiscal years. There is no surplus there. There is ever-increasing debt. Better put that "For Sale" sign up infront of the Washington Monument. Pete Peterson, former Commerce Secretary and current Wall Street investment banker, says the situation is even worse. "The trust fund is a fiscal oxymoron. It's a "distrust' fund. There's nothing in there but a bunch of IOUs," says Peterson, who heads a group called the Concord Coalition that has been monitoring the Social Security situation. Even more scary, the government is pretending to pay interest on the IOUs given to the Social Security trust fund but the cost of those interest payments is not being counted in the annual budget deficit. Peterson says that if the government was forced to account for all its unfunded liabilities as a regular business does, the deficit would grow by $500 billion.

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