Why we are on the brink of the greatest Depression of all time

August 26, 2012

Fox News…This time the results are going to be dramatically worse than 1929. This time we are facing The Greatest Depression ever.

Why? Because The Great Depression had NONE of the structural, economic, and social problems, nor the massive obligations we are now facing. Read the facts:

In 1929 America was not $16 trillion in debt, plus facing over $100 trillion in unfunded liabilitiesThat’s over $360,000 in debt per citizen. 


In 1929, most of our states were not bankrupt, insolvent and dependent on federal government handouts to survive. One county (Cook County which includes Chicago, Illinois) now owes over $108 billion in debt (the biggest part of it in unfunded government employee pensions). 

In 1929, we did not have 21 million government employees with bloated salaries, obscene pensions, and free health care for life. Today 1 out of 5 federal employees earn over $100,000.

Today, 77,000 federal employees earn more than the governors of their states.

Staggering numbers of federal government employees retire at a young age with $100,000 pensions for life.

Unfortunately on the state and local levels it’s even worse. There is now nearly $4 trillion in unfunded pension liabilities for state government employees. 

Protected by their unions and the politicians they elect, government employees are bankrupting America. In Illinois there are retired government employees making over $425,000 per year

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