There have been plenty of people, like myself, who have been vociferously warning about a total economic meltdown for several years now. I’m not going to mince words anymore. Sorry, people, we’re done; it’s too late! I predict the wheels will be flying off the economic cart by 2015.
That’s my story and I’m sticking to it.
Oh, surely I jest!
The U.S. has never, ever been at this level of discretionary spending, during peacetime, in our nation’s history. We are already hearing of a 100% federal debt to GDP ratio. Astonishingly, one report stated the upside down debt could rise to 200% over GDP in one year’s time! I predict if it hovers around 125% of debt to GDP we will see economic hardship and ruin the likes this nation hasn’t seen in a very, very long time.
Public sector compensation is currently double that of the private sector. You can’t sustain that! If the taxpayer earns half of what a government employee does, then it should be obvious that the well will run dry. There will never be enough tax revenue generated to sustain the current exorbitant salaries and benefits afforded government workers. Yet we hear both the president and Nancy Pelosi insist that we do not have a spending problem.
This is criminal. People are truly suffering because our federal government wishes it to be so. I don’t even care what the political motivations are at this point. This squandering and dissipation of our nation’s wealth is nothing but a criminal act of audacious proportions. And guess who gets to pay for all this?
To straddle the nation and its future generations with a debt so huge is utterly unconscionable. But, apparently, unconscionable is all the rage these days. You get what you vote for … and you will pay the piper. Prepare.