PrintFebruary 16, 2011
Faking Our Way to Sovereign Bankruptcy
As political events in Egypt play out, including likely contagion to other parts of Africa and the Middle East, attention is diverted from the real threat to our country -- government insolvency. From Jeff T. Allen, writing in American Thinker:There will soon be a crisis affecting US citizens beyond any experienced since the Great Depression. And it may happen within the year.Unlike the Great Depression, however, we will enter such a shock in a weakened state, with few producers among us and record mountains of debt. More cataclysmic is the specter of inadequate food, as less than 4% of us farm ... Fantasy LandPolitical lip service will not solve this problem, only spending cuts will. Yet lip service is all we get. President Obama's State of the Union address spoke of the problem but not to the problem. Obama offered no spending cuts, while proposing a host of new spending programs. The release of his budget reflects more of the same - phony promises but no real...(Read Full Article)
