This is a must read about the storms on the horizon, regarding out of control federal entitlement spending griping our nation. It comes out of the Federal Reserve Bank of Dallas, a presentation by its President and CEO, Richard Fisher and it discusses the fiscal disaster we currently find ourselves living in.
Happy's summary. We are all screwed. Every last one of us. Unless a massive shift of policy is instituted today, we leave no future for ourselves or our children. The entitlements we currently support are ponzi schemes a thousand times larger than Madoff and his thieves.
Stating the obvious, we are screwed. What would you have to do to get make the unfunded mandates funded?
- Either increase federal tax revenue 68% starting today, and continue it forever. Good luck with that. When you tax something, anything, you will get less of it. Nobody knows what tax rate could support that without destroying the economy in the process.
- Or cut discretionary spending 97% (that includes defense, education, environment and everything else under the sun), forever.
The issue isn't not enough taxes. The issue is a government that can not say no to its constituents. Now, I know some of you view Obama as your messiah, but I'm sure even he knows he can't generated 99 trillion dollars on the backs of the rich. So the question is, does he have the guts to tell you no before it's too late? It takes a real leader to tell his followers no. Right now, our leaders are promising everything and they will ultimately be able to deliver on nothing.