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There is simply no other way out and the people know it, it is just the federal government who have their heads in the sand. When your debt becomes so great you are facing bankruptcy you do two thing: stop spending and start paying off your debt as fast as possible. For the federal government to do this it means drastic cuts in programs, laying off federal workers big time and higher taxes, taxes, taxes.
We American have ridden the gravy train in both our personal lives and in our national lives for many years now so I should comes as no surprise that the party is over and now it is time to pay the tab. Many have warned of this for years. Ross Perot ran for President of the United States in 1992 mainly on fiscal responsibility and got 19% of the popular vote, so even then there were those of us listen and looking and seeing where the country was headed. Perot is most well-known for telling voters to listen for the “giant sucking sound” of American jobs heading south to Mexico should NAFTA (north American Free Trade Agreement) be ratified. And indeed we Americans have heard the sucking sound from all over the world not just Mexico. Our best paying high-tech jobs have gone to India, China and even the Philipines. We who are into computers have spoken to people in the Philipines or India when we have had a problem with our computers or our Internet Services.
Ross Perot again tried to warn Americans with his report, “Suicidal Government Spending” that came out even before the Bail Outs and Obamanation! TO VIEW THIS SLIDE PRESENTATION CLICK ON:
Now we have more economist warning us and telling us what we must do, and do it NOW if we are to dsave ourselves.
Alice Rivlin, former vice chairwoman of the Federal Reserve Board and the founding director of the CBO, said that the longstanding challenge of growing entitlement spending had combined with profligate budget policy over the last decade and the recent commitments to rescue the U.S. economy to greatly advance the day of reckoning for fiscal policy. “What was a 30-year problem has become a 10-year problem,” Rivlin said. Net federal debt, which is running at about $8.8 trillion this year, will more than double to $17.4 trillion in 2018, rising from 60 percent of annual gross domestic product to 85 percent, she said.
This is an interesting article for those who have the stomach for it. Of course us reading it won’t do a whole lot of good if congress isn’t also taking heed. BB