Posted on 01/16/2009 7:39:03 AM PST by rabscuttle385
BY DAVID M. DICKSON
The United States will "look like a banana republic" unless it gains control over its budget deficit and federal debt, economist Allen Sinai warned Congress on Thursday.
"The deficit and debt prospects under almost any scenario are daunting," Mr. Sinai, chief global economist for Decision Economics Inc., told the Senate Budget Committee. "This territory is uncharted, with no real historical analogue to this kind of financial situation for a major global economic power."
Asked by committee Chairman Kent Conrad, North Dakota Democrat, whether the U.S. government's creditworthiness is at risk, Mr. Sinai replied, "Unequivocally yes."
. . . . .
Over the next 10 years, debt will be rising faster than GDP, burdening future generations with interest costs and debt repayment that almost certainly will lead to much-diminished U.S. economic growth and a reduced standard of living, Mr. Sinai warned.
"A step down the line of diminished economic power and wealth has been taken," he said.
(Excerpt) Read more at washingtontimes.com ...
“We may be able to annex Mexico without firing a shot. It’s pretty much a failed state anyway”
Now, THAT’s what we need! /sarc
Nice graph Travis. This is all so, duh, just duh to anyone except a modern American.
I did appreciate that website.. thanks..
The TRUTH...
http://www.wimp.com/thegovernment
When and if society, law and order break down is when they will come after our weapons in the name of law and order. That is the time we must resist and will. The future of the nation will rest on two groups. 1. The private citizen with a weapon is the first. 2. The army and national guard is the second.
If the military obeys the Constitution they will not fire on citizens with weapons and liberty will prevail. If the military remains intact and will obey orders to disarm the public, then all is lost. I would suspect that enough soldiers would refuse and go awol to reduce the military to a non functioning enity.
What needs to be said is that we are in an Oligarchy because we have allowed people who never suffer the consequences of their actions to run the show.
Americans who make lousy life choices, refuse to work, and care for their own are fed, housed, and given medical care never suffering the consequences of their poor choices.
The liberal left fill government jobs with pay, benefits, and job security not found in the private sector and rarely, if ever have to take a pay cut when times are bad.
The elite trust fund babies are totally insulated from the consequences of the decisions they make whether it’s in the financial industry, the boardroom, the Senate, or the White House.
The rest of us are so busy suffering the consequences of all that the above groups have wrought that we barely have time to catch our collective breath whilst treading the stormy seas that have become the American taxpayers life.
The strategy of forcing political change through orchestrated crisis. The “Cloward-Piven Strategy” seeks to hasten the fall of capitalism by overloading the government bureaucracy with a flood of impossible demands, thus pushing society into crisis and economic collapse.
Mexico’s problem is it’s polical and legal system.
It would increase tremendously in value if it were part of the US.
The world would fight to invest there.
Just putting us Boomers there would save social security trillions. Plenty of jobs for Mexicans and Americans building the housing for us-take the rent directly out of checks- verry humane.
We could rename it Sudetenland!
But, seriously, war is historically a very likely outcome when a militarily powerful nation goes broke.
There are better choices for dealing with our financial problems but it bothers me that every one ignores the elephant in the room in these discussions.
Dude!
I posted the same idea before I saw your post!
We’ve been fighting this ‘destruction’ for over 40years, if you’ve been paying attention.
Is this the tipping point? The US Dependency Index was at 51% in 2004 and it has grown. (France is at 60%) It was not sustainable past that point, so here we are.
bttt
We need to broadcast this from the rooftops “Obama plans on a Weimer Republic “ with truck loads of bills to pay for a gallon of gas, or 20% interest rates, for high taxes (lose-lose-lose)
The military under Obama will be full of Christian-hating gays and whitey-hating blacks. In other words, we won’t have a military. Just another anti-civilian Obama force.
Obama Corp is going to spend $5 trillion this year, this won’t be the last ‘stimulus’ plan for the year.
I prefer Mob Rule to Oligarchy.. even though its the same thing.. Mob Rule is much more descriptive and accurate.. and indeed hyperbolic.. When descibing a hyperbolic situation ONLY hyperbole will do.. Anything else is disinformation.. Oligarchy is disinformation..
Mob Rule is politically correct.. and metaphorically accurate.. The imagine of the metaphor is spot on.. Even the great unwashed can understand Mob Rule.. even idiots can understand the cartoon of Mob Rule.. it crosses language and dialect.. The word Oligarchy lends elegance to Mob Rule.. Mob Rule is a circle jerk.. Oligarchy is the divine right of Kings..
Nice video.
I have to take exception though to the narrator’s making dictatorship and monarchy equivalent. Most kings did not have absolute power—that’s what the Magna Carta was all about. And even the ones that had a great deal of power were often checked by Popes and bishops.
Bit late for that.
So what do we, as individuals, do to protect ourselves?
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