When TP (The Party D) is in power, deficits are not a problem. W never even had a deficit as high as $660B, and if this comes to pass it will be BO's BEST number. For comparison, W's '06 number, the year TP took over Congress was $248B http://usgovinfo.about.com/od/federalbudgetprocess/a/Budget-Deficit-History.htm ... deficits were ALWAYS a major issue when W was in office! It isn't really very hard to spot how the TP controlled media tune changes.
The day the money runs out is Deficit Day, and this year it falls on October 26. Every dollar the government spends from October 27 through the end of the year goes on the nation's credit card. Spending at the rate of $10 billion a day, Washington will rack up about $660 billion in debt by the time the ball drops in Times Square.The yearly deficit is less 10% of the real problem though. The real problem is all the unfunded liabilities, which is why we are bankrupt.
Alone, this would be cause for tremendous concern. But the government never pays a dime toward principal; it simply borrows more every year. This means that we are fast approaching the point at which it will become mathematically impossible for the government to pay off its debt - ever. And we're only counting the official debt. Excluded are unfunded liabilities like Social Security and Medicare benefits the government has promised but which it does not have the money to cover. With debt and unfunded liabilities of around 3,000% of its annual income, the federal government has already passed the point of no return.So we know that at some point the government bubble will burst -- here, in Western Europe, and likely in Japan as well. So,thinking people need to keep some level of gold and silver in their portfolios (5-10%) and some level of survival preparedness -- the hunk of land somewhere that you may be able to live off, hopefully a few hundred miles away from any large urban centers and ideally in an area where you have family / connections that can help make life worth living in a period in which the civilization that was unable to live rationally breaks down and hopefully re-forms with a minimum of starvation and bloodshed.
Every civilization is temporary. Some last longer than others, but it seems quite certain that the US will go through a point of existential doubt if it survives at all, well before it's 300th birthday in 2076.
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