Seen the Debt Clock?
Did I mention I hate propaganda? Why are we told the “official” unemployment rate is around 10% when the true rate is closer to 20%? Or, the inflation rate is only 2.3%? It is if you leave out the things you actually spend money on like food and gasoline. The US debt is currently thirteen trillion dollars. The U.S. Government’s Budget Deficit was $82.7 billion in April; normally a surplus in the month of tax returns and is forecast to continue at a trillion dollars per year for the indefinite future.
There are three ways out of the mess. The only good way is to cut expenditures, but history shows that is the last thing to happen while politicians are addicted to getting elected. Even though there are several painless cuts that could be made, like no more trillion dollar wars or ending the war on drugs that costs seventy billion every year. As King, Governor of the Bank of England said recently. “..The entire [cost cutting] measures are somehow in the future. You need to start and get on with it….”
More likely it will be some combination of (hyper) inflation and increased taxes. Politicians prefer the former as it is easier to print money: the damage doesn’t surface until later. Of course you don’t have to even print it anymore but just click a key on the computer. Arlen Specter voted not to institute regular auditing of the Fed. Better for the plebs not to see what is happening. Let’s spend ourselves into wealth. Who knows, it may work this time. President Obama promised not to increase taxes, so that’s out, right? It doesn’t count if taxes are called something else.
King also pointed out that we have many of the same fiscal problems haunting Europe. If you have any doubt about that, see the hypnotic Debt Clock http://www.usdebtclock.org /index.html
Scarier than Alien. I wonder who is going to bail us out when the time comes.