I am going to go on a bit of a rant here, but I despise both Republicans & Democrats. Neither party has the willpower or political fortitude to address our national debt. I am not talking just about reducing deficits, but actually coming up with a plan to pay off our national debt. All the candidates really seem to care about is universal health care, the war, and saving social security. All of that may become very, very trivial if this nation defaults on our extra-ordinary debt.
I think people should really pay attention to David Walker, Comptroller of the United States and head of the General Accounting Office (GAO). He has called our national accounting as "unsustainable" and even has a presentation that states either we cut federal spending by 60 percent by 2040 (yeah, over any Democrat's dead body first) or raising federal taxes two times the current level (Republicans would burn in hell first).
I think his projections are optimistic. We will never make it to 2040. A graph of the growth of our national debt http://www.brillig.com/debt_clock/faq.html shows that our debt has doubled roughly once a decade since 1981. 1981 - $1T; 1986 - $2T; 1992 - $4T; 2006 - $8T. We are at $9 Trillion now and have already started up the exponential growth curve.
The point I want to make is that it is not a question of if this nation will default, but when. At that time any of the issues now being debated won't amount to a pile of sh-t, pardon the phrase. The only thing keeping us afloat now is "faith" in the dubious creditworthiness of this nation. All it will take now is some global financial crisis to drive our foreign creditors to euros -- and Mortimer Zuckerman of US News & World Report has gone on the record saying that the current mortgage crisis of 2007 is nothing to what is coming in 2008: http://www.usnews.com/usnews/o...cles/070805/13edit.htm
I just hope it happens while the baby-boom generation is still alive and kicking. Their self-indulgent generation needs to feel it and feel it hard. Rape your grandkids of a future cause you want it all and die while the sun is still shining? Up yours. I hope they cancel every pension of every politician who presides over the default and everyone previous to them. So yeah, go ahead -- vote yourself another pay raise. In that day the baby-boomers will stand aside to a new generation -- a generation who will not play the two-party fools dance.
Cynical? Yeah, I am an X-Gen after all. Feel free to comment.
I think people should really pay attention to David Walker, Comptroller of the United States and head of the General Accounting Office (GAO). He has called our national accounting as "unsustainable" and even has a presentation that states either we cut federal spending by 60 percent by 2040 (yeah, over any Democrat's dead body first) or raising federal taxes two times the current level (Republicans would burn in hell first).
I think his projections are optimistic. We will never make it to 2040. A graph of the growth of our national debt http://www.brillig.com/debt_clock/faq.html shows that our debt has doubled roughly once a decade since 1981. 1981 - $1T; 1986 - $2T; 1992 - $4T; 2006 - $8T. We are at $9 Trillion now and have already started up the exponential growth curve.
The point I want to make is that it is not a question of if this nation will default, but when. At that time any of the issues now being debated won't amount to a pile of sh-t, pardon the phrase. The only thing keeping us afloat now is "faith" in the dubious creditworthiness of this nation. All it will take now is some global financial crisis to drive our foreign creditors to euros -- and Mortimer Zuckerman of US News & World Report has gone on the record saying that the current mortgage crisis of 2007 is nothing to what is coming in 2008: http://www.usnews.com/usnews/o...cles/070805/13edit.htm
I just hope it happens while the baby-boom generation is still alive and kicking. Their self-indulgent generation needs to feel it and feel it hard. Rape your grandkids of a future cause you want it all and die while the sun is still shining? Up yours. I hope they cancel every pension of every politician who presides over the default and everyone previous to them. So yeah, go ahead -- vote yourself another pay raise. In that day the baby-boomers will stand aside to a new generation -- a generation who will not play the two-party fools dance.
Cynical? Yeah, I am an X-Gen after all. Feel free to comment.
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