For the Debt Naysayers.... the Crash is heading your way

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   MikeNVposted 15 years ago

   You can't spend your way out of Debt.
   
   It's time to get the Federal Government out of the income redistribution model and let working Americans Control their own destiny.
   
   This can only happen with a complete reworking of the monetary system.  This is not going to happen... the result will be the largest Depression ever.  And the result of that depression will come a fix... not because it was recognized, but because it will be essential.
   
   This is like knowing about a skin cancer lesion and waiting until it has spread before addressing it. It's just plain stupid, but that is the way of the American Political System.
   
   The Crash is coming and sooner than you think. The entire Monetary System put into play by the Federal Reserve Act of 1913 has reached PAST the equilibrium point.
   
   You simply can not print money and borrow and sustain an economy forever.  The Reality is quite ugly.  And no one in either Political Party is doing anything to "fix" the problem.
   
   So the "fix" will come by the crash itself.  You can't get water from an empty well, and you can not promise programs you can not pay for. And who will you tax when the crash happens?
   
   QUOTES FROM THE ASSOCIATED PRESS RELEASE LINKED AT THE END:
   
   For the U.S., the crushing weight of its debt threatens to overwhelm everything the federal government does, even in the short-term, best-case financial scenario — a full recovery and a return to prerecession employment levels.
   
   The government already has made so many promises to so many expanding "mandatory" programs. Just keeping these commitments, without major changes in taxing and spending, will lead to deficits that cannot be sustained.
   
   The budget he submitted to Congress this month proposes record spending of $3.8 trillion for 2011. Taxes in next year's budget will support only $2.5 trillion of that spending, leaving $1.3 trillion to be borrowed.
   
   Obama's call for fiscal austerity came at the same time he signed legislation lifting the cap on government debt from $12.4 trillion — which is close to being breached — to $14.3 trillion to permit more borrowing.
   
   It's not clear when the debt's day of reckoning will arrive. But the overall national debt over the next few years will rise to 100 percent of the gross domestic product — a level viewed as alarming by the International Monetary Fund and international economists.
   
   http://news.yahoo.com/s/ap/20100214/ap_ … cit_crunch

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