I wrote about the projected size of federal spending a couple days ago and how it is likely that total tax receipts will not even cover the interest on the debt by 2012. This isn't pie in the sky doomsday warnings anymore, it is now a reality that is upon us and without tough unpopular decisions there is no way out. The entitlement gravy train has to end and end abruptly. The idea that America can fund the saving of the world must end too. And amazingly I often find agreement on that point from many who don't even realize they are on the entitlement gravy train that needs to end. Most of our country is on some type of gravy train or expect to be at some point. That expectation has to end in order to save the republic and there will be plenty of pain to go around to everyone. On Seeking Alpha I notice there are some who like to say our debt is not a problem and use comparisons to bankrupt European socialist economies for that justification along with statistical comparisons of populations, GDP and other data that ignores the basic tax collection versus government spending cause of debt. The point no one compares to is our US system, our US tax collections and structure and our US spending relative to US revenues. Here are some other links to information I found on Seeking Alpha. I didn't post the any articles that justified our positions with comparisons to European economies as I don't give them much credibility. Their only purpose is amusement.
Seeking Alpha: Obama's Budget Seriously Underestimates Deficit
"Race to Ruin: U.S. vs. PIIGS"
"Three Graphs Illustrating Current Household and Government Spending and Saving Rates"
"Coordinated FX Intervention: Has the Time Come to Consider It?"
"Economic Recovery and the Tax-Fueled Exodus"
"Federal Budget: What Amount Is Economically Sensible as Well as Fiscally Responsible?"
"Has the World Lost Its Appetite for U.S. Treasurys?"
No comments:
Post a Comment