After decades of digging (while tip toeing around) the nation's financial hole, members of our political establishment now are being forced -- largely as a result of the Obama administration's excesses -- to deal with the over spending monster they have created. They are seeking to do so with the politicians' usual strategy when a real problem becomes inescapable -- avoid, hide, lie, pretend . . . and endeavor to push the problem off into the future to be dealt with by others.
As is spelled out in this report, the abyss is deeper by several orders of magnitude than commonly believed or than any visible member of our ruling political class is willing to acknowledge. Therefore, as the report makes clear, neither any of the proposals being bandied about by either the Demorats or the Republicons nor any combination of them, has any realistic possibility of actually solving the problem.
Several highly qualified financiers such as those quoted in this predictive piece anticipate -- though in somewhat more guarded language -- that the U.S. economy is destined to crash and burn, that we're going to plummet into a financial quagmire significantly more severe than anything we yet have experienced. It is noteworthy that one of those making this prediction is an individual who already has decamped offshore personally and is relocating to foreign jurisdictions the very substantial assets he has amassed through many years of successful investing based on accurately foreseeing financial situations and circumstances.
Nonetheless, fear not; the diggers are continuing to dig -- our fearless spenders are not at all daunted by the debt bomb!
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