Think your credit card debt is a problem? The federal government is on course to paying half your taxes into debt service by 2020, according to the Heritage Foundation.
Currently, debt service is $435,000,000,000 annually (2009), or nearly a billion a day. My granddaughter, born July 21, inherited a debt per capital of $42,000 just after she drew her first breath, and her portion will reach $150,000 by the time she is a pre-teen.
At the rate little o is proceeding, he will add $10,000,000,000,000 to national debt , if he has two terms and continues spending in the pattern established since he became president.
Maybe the federal government should apply to one of those “Debt Finders” web sites that promise to reduce your credit card obligations in ½ with no detriment to you or your credit ratings.
As it is Medicare, Medicaid, and Social Security occupy nearly over ½ of the federal pie, and if debt continues to spiral, they will also be pushed out or severely slashed before all of the baby boomers qualify for senior entitlements, which will occur in approximately 20 years, 2030.
When Democrats and various liberals froth at the mouth over proposed changes in any of the three “third rails,” they MUST know the Ponzi system of pay-out as everyone pays-in for these programs is unsustainable and disastrous.
Candidates Rand and Angle are exactly right when they call for cutting cabinet secretaries and ending spendthrift bureaus and agencies, because they are not affordable. Since the Department of Education was invented as a sop to the NEA by Carter, federal spending on education has doubled every year, even under Reagan and the Bushs. The Department of Energy, concocted to make us energy self sufficient, now oversees more oil importation than ever before.
If Congress and the administration continue in today’s pattern, defense spending and any other discretionary spending will shortly disappear under the present system. Of course, the radicals on the left hate the Pentagon and the military, but who will defend their free speech and right to rant when the Army dissolves?
Shortly, Greece’ problems will look like an after-prom party compared to the financial chaos fast approaching.
You can already see the enormous effects of these two-years’ profligacy on the population: a great decrease in the birth rate (for the 10% out of work and the 8% underemployed or outside the statistics for having given up looking for work), having another mouth to feed at home is not an optimal choice.
My own community college reports it has the lowest percentage of enrollment for a fall semester since its inception. Classes are being canceled left and right due to lack of students.
The WSJ reported today the Federal Reserve officials are in a quandary about what to do for the economy, and my suggestion is they should stop doing anything. The Fed cannot save the nation or end this Great Depression II with any more of the manipulations it has already tried and found failing.
Anyone who can should get out of his or her own debt, buy gold or metals, and hunker down with his/her gun and Bible, because the future is already with us.