“... the people to blame for this are mostly dead: LBJ, FDR and the politicians who passed Medicarea and Social Security, two disasterous programs that should never have been created in the first place.”
It goes further back to Woodrow Wilson and the FED of 1913 being passed by a bunch of dewy eyed FASCIST lovers. It goes back that far.
AND now we have DEATHCARE!! One more added weight of debt onto the backs of the few still working people who DON’T work for the government.
It is UNSUSTATINABLE. Your arguments don’t hold water. The credit bubble will burst, and it won’t be pretty.
Defaulting Treasuries will be the fault of the FED and congress. But more the FED because they are the drug dealer giving congress their fix, credit. And that credit is based on the governments ability to TAX US. That ability is falling, because people don’t have jobs. The monster of government is causing the ability to tax to FAIL.
IT WON’T WORK ANYMORE. And credit bubbles die because the compounding interest implodes under the unreality of the impossible. 98 years of compounding interest just won’t hold up.
Yes, the entitlement state is unsustainable, but it's also changeable. Again, cutting entitlement benefits is not an event of default.
Your arguments don’t hold water.
Can you be more specific? Which arguments, exactly, do you not find convincing?