Not a bad illustration. It demonstrates how citizens across the country are making hard decisions in order to bring their spending in line with their income. Would that our elected representatives in Washington would show similar restraint.
The problem I have with this video is that it is based on a false premise. The 1.3 trillion is only the annual deficit. A much larger problem is the accumulated debt. A larger problem still is the looming problem of unfunded entitlements.
Glancing quickly at usdebtclock.org I see that the national debt is currently at around $14 trillion. Social Security and Medicare, not to mention Obamacare, will be some multiple of that in a decade or two depending upon whose assumptions you use.
We're broke, folks. And our federal government is utterly and completely incompetent. I don't know what it will look like when it happens, but our economy is going to crash into the side of a mountain. My sense of it is that the day of reckoning is not that far away. Don't blame me if it catches you by surprise.
0 comments:
Post a Comment