PrintMarch 25, 2010
Downsizing America's Economy
You can thank President Obama for the lower standard of living coming your way. The numbers tell the story. The electorate in the United States is presently being bombarded from all sides with financial and economic statistics on health care and budget deficits. The scale and magnitude of the sums are incomprehensible. A calculation containing twelve or thirteen zeros causes the eye to glaze over. However, in their gut, the American people know that something is amiss and that the future very much in jeopardy.The bleak tomorrows are no longer twenty-five, thirty, or fifty years out; in the next five to nine years, we will be noticeably poorer and on our way to third-world status. We will be like Brazil, only without the hope of wealth from vast offshore oil resources.Ongoing annual budget shortfalls in the trillions of dollars will, by 2019, cause publicly held federal debt to exceed 100% of the gross domestic product. Together with all the trillions of dollars in unfunded...(Read Full Article)
