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News Link • Government Debt & Financing

Another Voice: US Will Go Bankrupt

There are no serious people in Congress dealing with this issue, and that's the beginning and end of the discussion as it exists today. The Government will not get to 2020 before the budget overwhelms financing capacity. Attempting to "print" via The Fed out of this at a rate which will be three times or more what was done in QE2 will lead to $10/gallon gasoline within five years and more than a clean double in the price of food and other energy commodities, which in turn will cause literal impoverishment of 30% of our population, including Senior citizens. The claim that somehow those over 50 will be "protected", ladies and gentlemen, is a damned lie. The facts are that the government will not manage to maintain its current trajectory for just nine more years, say much less thirty - which is what is being implied in that "nobody over 50" claim. Federal "gimme" programs, that is, Social Security, Medicare, Medicaid, Unemployment and Welfare consume all of Federal Tax revenues right here, right now, today. These are facts, and it is time we accept and deal with them.

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