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“Given that almost everyone now agrees that the national debt is on an unsustainable course, knowing exactly how and when that unsustainability will come to an end is critically important.Many doomsayers believe that our fiscal profligacy will end in a bang, as happened recently to Greece and previously to many other countries. However, it’s very unlikely that the U.S. would ever suffer the sort of abrupt inability to sell its bonds that triggered a fiscal crisis in other countries.
Well written article that explains our fiscal position without using too many words that we laymen have to look up in a dictionary to gain some understanding of what the author is saying. It is 3 pages long but well worth the reading if for no other reason than as a brush up for those of you who have been following the actions of the federal government for the past two decades and more specifically for the past 18 months.
WE are going down;everyone knows it and some of us even know why because we know our history. However those in power seem not to understand that the route they are taking us is the wrong way on a one way street. Like lemming Congress is racing to the edge of the cliff and dragging us with them no matter how hard we resist what they are doing and show them in every way possible that We the People disagree with them.
This Congress and President Obama in the past 18 months have taken this nation into an additional almost $2 trillion of NEW debt and they are not finished yet. After the disaster of a bail out that should not have been in a $874 billion TARP bill, they followed with a Stimulus Bill of equal size then a budget the size of every budget presented by Presidents from Washington to Bush combined. These bills and this money did nothing at all but nationalize (buy) three huge failing private companies: Fannie Mae and Freddy Mac (the two largest mortgage companies in the country) and AIG a failing world wide insurance company riddled with debt.
This year the Congress and President loaded our great grandchildren with an impossible federal health care plan that all knew and admitted was unsustainable, a financial reform bill that nationalizes our banking system in all ways except by name and is a perpetual bail out for bankers and are now diligently working on a plan to spend another $265 billion bail outs for states who have failed to control their spending. These states will receive funding to pay their teachers, law officers and Medicaid. The unemployed will receive what now amounts to an unbelieveable 196 weeks of unemployment benefits. Since approximately 17% of our population is now unemployed due to the wrong headedness of the President and Congress and these unemployed have almost 4 years of the unemployment benefits “entitlement” then there is certainly no reason for many of them to rush out to find a job.
Yes we are on our way down the road to national bankruptcy and an end to our American way of life. The once great United States of America will wallow in the doldrums of a third world country while our natural resources are taken from us by a global government and the “wealth is spread around”. That is a good thing President Obama tells us. BB