Let me put it another way. We are $14T in DEBT. Egypt is exploding and we’re getting real close to seeing $200 oil.
Two things will happen with oil at that price. Our economy will collapse even more and that $14T in debt will finally sink us, Argentina-style. And our highways will clear out, so there won’t be any more traffic jams. Sure, it will cost more to drive, but still MUCH LESS than trains will EVER COST.
And by the way, you really have to get with it. I’ve paid into Social Security for over 20 years. I told my wife that we will not see a penny of that, since it will be means-tested when I retire and I will likely have “the means”. I also told her that I would be fine with that, it just means living in a smaller house and travel less. Sure, I’d like the money - but the COUNTRY IS BROKE, and we need to forget about all of our fantasies. IT IS OVER.
Do the math on the $14T - that’s $45,000 for EVERY man, woman, and child in this country. That’s $180,000 of debt for every family of 4 in this country. WE ARE BROKE, and that doesn’t even factor in future debts for Social Security and Medicare.
And that does not count the 23.7 trillion that tarp exec. Neil Barofsky claims has been either spent or committed to bail out the world.