We’ve got to stop beating around the bush. Economically, America may be in a life-threatening situation and getting out of trouble is going to be not so fun.
If the Government confiscated all the wealth in the private sector, the social programs would still be $50 trillion short and the Government would still be bankrupt. Furthermore, no company or individual would be left with anything.
So if Obama grabbed every single penny from every person in America, we’d still have $50,000,000,000,000 in unsettled debt left over.
Irresponsible, vote-hungry politicians have promised far more in the way of taxpayer-funded “helping” programs and other government munificence than can possibly be delivered. Monty makes another troubling point.
At the time of the Depression, neither governments nor individuals were deeply in debt. We were a nation of savers. Now we are a nation of spenders, living beyond our means. Individuals and governments at all levels are over their heads in debt, some literally drowning.
Big government progressives have created a nightmare, mainly because of the ridiculous level of government debt. And Obama and Congressional Democrats itch to make the problems worse.
At the most fundamental level of reasoning, we find truths that cannot be argued away with all the inspired, pie-in-the-sky hand-waving in the cosmos–truths like 1+1=2.
Mathematics is an unforgiving discipline. No matter who on planet Earth subtracts a larger positive number from a smaller positive number, the result is still a negative number. This reality stands firm despite wishful-thinking Democrat legislation. So when straightforward arithmetic treatment of today’s government finances shows that it is, in Monty’s words, “impossible to get out from under the level of existing debt,” all clear-thinking, logic-based human brains (non-liberals) take notice.
To pay off the debt that our politicians have racked up, each man, woman, child, and infant in America would have to file a tax return and send in $381,000 along with the return.
Monty sums up our dire straits.
The Federal Government is in what is known as a Debt Death Spiral. They are unable to pay the actual and implied interest on their debt. Hence, the unpaid balance is added back to the amount owed, making the problem worse next year. This debt spiral grows exponentially. There is no way to escape a certain mathematical end — BANKRUPTCY.
Are the politicians nuts? Yes. Is the country heading for bankruptcy? Yes. Is there any way to avoid this end? No! Not unless you repeal the laws of mathematics! That cannot be done, despite legislators’ inflated opinions of themselves.
Since I have no way to counter a mathematical reality, let me add a “bright” spot.
The American people and the politicians could decide to bite the bullet. We could cut way back on Social Security and Medicare, eventually phase out both programs, and return responsibility for retirement income and care of our bodies to us and the free market. We’d have to slash and burn the bloated federal government and state governments and cut taxes in order to free the private sector to return us to prosperity. If–and this is a huge “if”–we do all of these things, then we’ll have a shot at getting out of the mess into which we have gotten ourselves.
Doing what I’ve just described would take 30 years and would be tumultuous, but not nearly as painful as letting the whole unsupportable superstructure crash on our heads, making life generally miserable for most Americans for a lot longer than 30 years.