Money News: Our US is in Worse Financial Shape Than Greece!

According to Bill Gross, head of Pimpco, the world's largest bond fund, the United States is in worse shape than Greece, due to the amount of money needed to cover future liabilities. At this moment, lawmakers are debating raising a $14.3 trillion public debt ceiling to avoid an August default. Unfunded liabilities owed to programs like Medicare, Medicaid and Social Security, however, surpass $50 trillion. Add to that the other debts, such as those run up during the 2008 crisis, and the total comes to "nearly $100 trillion", Gross says. Even that estimate is on the high side: The country's debt issue is here to stay for a while. "To think that we can reduce that within the space of a year or two is not a realistic assumption," Gross tells CNBC. That's more than Greece, that's much more than almost any other developed country. "We've got a problem and we have to get after it quickly." Pimpco manages more than $1.2 trillion in assets and runs the largest bond fund in the world. Many other financial and economic experts have made similar warnings recently. New York University professor Nouriel Roubini said during the weekend that a "perfect storm" of fiscal woes in the US, a slowdown in China, European debt restructuring and stagnation in Japan may converge on the global economy. There is a one-in-three chance that the factors will combine to stunt growth from 2013, Roubini, who predicted the global financial crisis , told Bloomberg. Other possible outcomes are "anemic but OK" global growth or an "optimistic" scenario in which the expansion improves.