by John Hawkins | October 25, 2011 5:56 am
Last night, I was talking to an intelligent, conservative woman who apparently reads my posts (which, of course, is firm evidence that she’s an intelligent, conservative woman). She noted that it is depressing to read what I had to say about the deficit because she said my conclusion seemed to be that America is going to go all the way down the drain before it gets serious about spending and eventually, we are going to default.
Sadly, that may be true.
I mean, think about it: It’s not as if you have to be Einstein to connect the dots at this point.
* We have a trillion dollar plus deficit this year, a 14 trillion dollar plus debt, and 100 trillion dollars in unfunded Social Security and Medicare liabilities. These numbers are absolutely staggering and all current projections show these numbers getting considerably worse, not better.
* The fact that Greece would have defaulted already should have snapped people to attention. After all, we’re on the exact same road that Greece is on, it’s just a little closer to the destination. Yet, even after seeing what’s happening to Greece, we’re speeding up, not slowing down.
* We’ve already lost our AAA credit rating. That should have been an earth shaking moment — and yet, it was falsely pawned off as a reaction to a political stalemate. Now, there’s already talk of another downgrade.
This is not a small matter, nor a distant threat anymore. We could be talking about a default that would decimate America’s economy for decades to come and lead to a worldwide depression — and it could happen in a decade, or maybe even less — who knows?
Yet, the Democratic’s Party’s level of seriousness about this issue is pretty close to zero.
Yes, they will admit, as Barack Obama has, that the level of spending we’re engaged in is “unsustainable.” They are correct about that. However, in practice they want to increase spending, not decrease it.
The ONLY CHANCE we have of preventing a spending Armageddon is to cut entitlement spending. Since that’s such an explosive political issue, realistically, both parties will have to cooperate to get the job done. The Democrats know this, but they’d still rather play politics with the issue in hopes of gaining a political advantage than save the country from bankruptcy.
How long will that attitude last? Well, given what’s happening in Greece, apparently all the way to the bitter end. That nation is so far gone that it can’t even save itself and it’s still fighting the spending cuts. You think sociopaths like Barney Frank, Nancy Pelosi, and John Kerry are going to be any different?
This country doesn’t have to be doomed. We can save ourselves. But, it’s not going to happen as long as the Democrats have the gas pedal mashed down to the floor and are fighting tooth and nail to keep everyone else away from the brakes.
I hope that doesn’t turn out to be the case. I hope that the American people rise up and demand responsible behavior from the government. I hope that people in both parties do whatever it takes to get this country back on track fiscally. But, the fact that we’re not already there despite how clear the evidence is that we’re in deep trouble is a sign that it may take the bottom dropping out to get the government to do the right thing.
By then, it may be too late to avert a self-created economic catastrophe.
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