Wednesday, February 27, 2008

The U.S. Economy is Unsustainable - Head of the U.S. (GAO)

David Walker is traveling the country to bring the message about the current unsustainable way of life. Called in D.C. "the dirty little secret that everybody knows". So what? We need to realize that we can't keep on spending like we have, personally and nationally. Personal debt is a huge problem but it's not nearly as bad as the government's spending problems. New government expenditure / programs won't solve this problem, or even taking all income and savings from the "rich" won't fix this problem. We have a deficit of immense proportions, and too much promised in social security and Medicare and other medical coverage programs, with the glitch of baby boomers, with rising medical costs, we have no solutions. David Walker said we will be bankrupt soon if we don't take immediate and incremental action over the next 20 years. This is a huge moral issue that will guarantee the destruction of this country as we know it for the next generations if we don't try to solve it soon. None of the political candidates are willing to communicate this. Puts a new light on Barack Obama and Hillary's plans to expand government entitlement programs (universal healthcare, etc.). Also how in the world can we have CO2 cap and regulation (basically forms of taxing and reducing production perhaps) not push us into bankruptcy faster (especially if we have to increase the cost of energy unilaterally).

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