A Country Gone Bust - Just What Might Be The Future And How Will That Affect You?
It would seem like a strange paradox. It's the most powerful nation the globe has ever witnessed - militarily, at least. Yet its weakness economically is turning up in all kinds of spots. Stubbornly high joblessness. Zombie banks. A wobbly stock market. Terrible foreclosure statistics. And debt - both private and public - out the wazoo, in numbers we cannot even grasp. Can both occur together? A powerful military coupled with a deteriorating financial system? Probably not. In fact the question could be posed, why hasn't the whole thing collapsed already?
Certainly, the U. S. government is bankrupt. There can be no way it can meet its guarantees to future generations of Americans pertaining to medical care and old-age pensions, let alone maintain its military presence around the globe. And I've not yet mentioned the expense of servicing the nation's debt - never mind paying any of it back which is not even on the radar screen. When I claimed the federal government cannot do it, I meant that. Not even with raising taxes.
It's bankrupt and it sustains itself by its ability (until now) to borrow from foreign governments and to create money out of nothing at all in order to make payments on its obligations. Once the first has gone, the next will go, as they say, "to the moon." The consequences associated with practically limitless money printing by the Federal Reserve to meet the funding requirements of the central government will be devastating. Prepare for it like your future depends on it, because it does.
If you are planning your retirement living based on the supposition that you will receive the same government benefits in your senior years that your parents did, you are in for one ugly disappointment. For you, and millions like you, retirement is going to be repealed.
