Some alarming facts and questions
Today, politicians tell us the national debt is16 trillion and growing. BUT, did you know that this is only the tip of the iceberg? If you add the16 trillion to the current obligation of all the entitlement programs such as Medicare, Medicaid, food stamps, etc, etc, the sum is about 158 trillion dollars. Question: Do you think it is possible to pay for all this? If your answer is no, what will be the outcome of owing this much money without the ability to pay for it? If your answer is yes, please explain it to me in accepted accounting pactices.
Social programs in Europe have caused several countries to go broke and the United States is on that same road. It’s just a matter of time before we are just like Greece. Question: When there is no cash in the till to cut monthly benefit checks to the masses, what will happen?
Mr. Webster defines socialism this way: “Public collective ownership or control of the basic means of production, distribution and exchange, with the avowed aim of operating for use rather than for profit, and of assuring to each member of society an equitable share of goods and services, and welfare benefits.” (Please note that the definition states “an equitable share of goods and services.” This explains how the ruling class ((Politburo in Russia)) gets a greater share than the worker.) Do you believe the re-distribution policy of the obomma administration is socialism by another name? Regardless of your answer to this question, did you know a reporter asked a socialist “why socialism had never worked in the history of the world?” The socialist replied “it is because it has never been done right.” Question: Do you think socialism works? If yes, please show me one example where it worked, and remember - Mao could not make it work even though he murdered 200,000 of his own people trying. If no, what will be the outcome of socialism in the United States?
At some point, the Chinese, Japanese, etc. will stop loaning us money because we will be considered a bad credit risk. Even today, the United States cannot borrow enough money to cover expenses. (The United States is borrowing 40 cents of every dollar it spends.) To make up the difference, the Fed is printing 40 billion dollars per month (QE3) and plans to do so for the foreseeable future. We are buying our own debt with freshly printed dollars. That is devaluing the dollar. When will the dollar be worth only the paper it is printed on? When the dollar has no value, what will you use to buy food?
As the dollar loses value, inflation increases steadily. The EVG Group calculates that gasoline will cost $9.00 per gallon when inflation reaches 30%. Some economists are projecting inflation will reach100% in this decade unless something is done to prevent it. Do you believe you will be able to maintain your current standard of living when inflation reaches 30%? If not, what will you give up in order to feed your family? Lights? Heat? AC? Second car? Bass boat?
Not trying to ruin your day, just wondering what others are thinking.