- How long will foreign countries fund our rapidly accelerating deficits for a 3.4% return which will be wiped out by a slight decline in the USD?
- Will foreign countries with their own economies contracting and pouring billions into domestic stimulus even have the funds to invest in U.S. Treasuries?
- Is there a tipping point when Bernanke has printed one too many dollars? If there is, you can be sure he won’t see it coming.
- When government debt reaches 110% of GDP next year, will we be in better or worse position as a nation than we were in 1945 as the only remaining power in the world?
- How do you solve a $53 trillion unfunded liability problem while tripling your National Debt in the space of 10 years?
The answers to these questions will determine when the great American Economic Ponzi Scheme collapses. It is only a question of timing if we continue on the current fiscal path. As we lay in our beds watching American Idol and pondering whether Britney Spears is a good mom, our beds are burning.
The time has come
To say fair's fair
To pay the rent
To pay our share
The time has come
A fact's a fact
It belongs to them
Let's give it backHow can we dance when our earth is turning
How do we sleep when our beds are burning
Beds are Burning – Midnight Oil
Healthcare Underfunding
I am a firm believer in the people. If given the truth, they can be depended upon to meet any national crisis. The great point is to bring them the real facts.
Abraham Lincoln
The American people have not been given the truth by our political leaders since the Eisenhower administration. By hiding the truth and not addressing the unsustainable trend of our social programs, our leaders have insured a painful outcome of this trend. In 1965, 27% of Federal spending was mandatory. Today, 53% of Federal spending is on auto-pilot. The entire Social Security, Medicare, and Medicaid system will need to be overhauled or scrapped. Benefits will have to be reduced and taxes will have to be raised. There are no other choices. Medicare costs will explode over the next 40 years. The increasing debt will result in interest payments on the debt becoming the largest expenditure in the federal budget. The longer we wait to address this unavoidable train wreck, the more likely it will result in generational warfare between baby boomers and younger generations.Source: Perotcharts.com
As entitlements and net interest grow, discretionary spending gets squeezed. Non-defense programs, which include, activities related to children, transportation infrastructure, education, training and research that should promote future economic growth and prosperity, come under increasing funding pressure. We are forced to ignore investments in the future to pay for commitments made decades ago. The short term focus of our Washington politicians has ruined our fiscal future. Children don’t vote, and younger people are less involved in the political process. As a result, the political gain from immediate increases in spending or reductions in taxes outweighs the eventual economic benefits of more politically costly but fiscally responsible choices. This is a criminal and immoral act upon our future generations. It is time to hold these politicians accountable for their actions. Again, Abraham Lincoln’s wisdom from 150 years ago applies today.
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