Quote:
Originally Posted by classhandicapper
...We ARE on the path to becoming a 3rd world country.
|
Debt is the elephant in the room. I recently saw an old You Bet Your Life episode with Groucho Marx. Groucho remarked that the national debt (1954) was 184 billion dollars, and he said it so sarcastically that you knew at least
he thought that was a lot of money. And it was. It still is.
Quote:
|
but when the bills come due on our public debt and then come due for all the unfunded liabilities of SS, Medicare, and Pensions, the government will have no choice but to make massive cuts, print loads of money, and raise taxes to prevent a collapse of all those systems
|
Or default, which is the simplest, and the way things are going the most likely.
What other choice do we have?
They will sweep this under the rug until the rug has worn away. I'm sure I'll be dead by then, but those still living will not be facing a pretty picture.
