The article is fact-challenged in every respect, peddling myths and nonsense. Chicken little journalism at its worst.
The fact that keeps coming back to me is our lack of valuable production capacity. When the dust settles, we still don’t make very much that other people want to pay for, except food. Lots of R&D though, (and empty factories) so at least we have something to work with.
The politicians continue to think that consumption is the key to wealth. This is stupid beyond belief.
In 1950, there were 16 workers paying Social Security taxes for every retired person receiving benefits. Today there are 3.3. By 2030, there will be only 2. By 2030, there will be 70 million Americans of retirement age--twice as many as today.
And the author fails to mention the impact immigration is having on our economy and what an amnesty would mean. Then there is the proposed cap and trade program that both Obama and McCain favor, which will wreck our economy even further by rasing the price of energy, the lifeblood of any economy. We re headed for a major financial train wreck.
You were sounding rather dire, yourself, as recently as a month ago. Am I misreading your sentiment here, or has your opinion changed? I've seen nothing in that time that would have caused a change of heart.