If you or I accumulate massive amounts of debt which we cannot pay back, it invariably leads to a declaration of bankruptcy.

In the case of the Obama Administration, when a Liberal-led Federal Government accumulates massive amounts of debt which will take generations to pay off, it is called an economic policy.

Per USAtoday.com:

The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for.

This gap between spending commitments and revenue last year equals more than one-third of the nation’s gross domestic product.

Medicare alone took on $1.8 trillion in new liabilities, more than the record deficit prompting heated debate between Congress and the White House over lifting the debt ceiling.

Social Security added $1.4 trillion in obligations, partly reflecting longer life expectancies. Federal and military retirement programs added more to the financial hole, too.

…The $61.6 trillion in unfunded obligations amounts to $527,000 per household. That’s more than five times what Americans have borrowed for everything else — mortgages, car loans and other debt. It reflects the challenge as the number of retirees soars over the next 20 years and seniors try to collect on those spending promises.

According to accountant Sheila Weinberg, founder of the Institute for Truth in Accounting, a Chicago-based group that advocates better financial reporting, these figures are only the tip of the iceberg:

The (federal) debt only tells us what the government owes to the public. It doesn’t take into account what’s owed to seniors, veterans and retired employees. Without accurate accounting, we can’t make good decisions.

Meanwhile, as The Regime leads us deeper and deeper into debt, Unemployment remains at 9.1. and one-sixth of our citizens remain on SNAP, formerly known as the Food Stamp Program.

So, what’s the Administration doing about America’s Economic Crisis?

Well, first, its Chief Economic Adviser is getting the heck out of Dodge.

Per politico.com:

Austan Goolsbee, chairman of the White House Council of Economic Advisers, plans to return to teaching economics at the University of Chicago this fall, the White House announced Monday night.

Goolsbee has been on leave for four years from the university’s Booth School of Business and could have lost his tenured position at Chicago, where he was a professor for 14 years before joining the administration, if he did not return, an official said.

Goolsbee, one of Obama’s longest serving aides, was an economic adviser on the 2004 Senate campaign, and the senior economic adviser on the 2008 presidential campaign.He was appointed to the Council of Economic Advisers when Obama became president, and was made chairman when Christina Romer resigned last September to return to the University of California at Berkeley.

“Since I first ran for the U.S. Senate, Austan has been a close friend and one of my most trusted advisers,” President Barack Obama said in the White House’s announcement. “Over the past several years, he has helped steer our country out of the worst economic crisis since the Great Depression, and although there is still much work ahead, his insights and counsel have helped lead us toward an economy that is growing and creating millions of jobs. He is one of America’s great economic thinkers.”

Goolsbee’s departure once again puts the president’s economic team in flux. National Economic Council chairman Larry Summers left the administration at the beginning of the year, replaced by Gene Sperling, who served in that job under President Bill Clinton. Jared Bernstein, Vice President Biden’s chief economic adviser, left last month.

Treasury Secretary Tim Geithner is the only senior official remaining from the economic team that inherited a financial crisis and recession when Obama took office.

But, what about the President of these United States, Barack Hussein Obama, you ask?  Surely, he is in the process of taking austere measures to get his disastrous Economic Policies under control…isn’t he?

Nope…and don’t call me Shirley.

While average Americans, such as my bride and myself, were eating Cheesy Hashbrowns Hamburger Helper and Hot Dogs on TV trays while watching a NCIS rerun, the Obamas were graciously hosting a state dinner for German Chancellor Angela Merkel, featuring a menu of:

White House Honey Gastrique

Tuna Tartare with Rye Crisps

Pickled Young Carrots and Mustard Oil

Spring Pea Salad

Shaved Ham and Ginger Snaps

Petite Filet

With Maryland Crab Ravioli

Wild Ramp Puree

Apple Strudel

Golden Raisins and Topfen

What the heck is Topfen?

Y’know…at the rate that this educated-beyond-his-intelligence, imperious, golf-playing, gum-smacking buffoon keeps obliviously running our nation into the ground, I fully expect him, one day soon, to respond to an economic question at one of his almost non-existent press conferences by answering:

Let them eat arugula!