Tuesday, July 8, 2008

US Government Fiscal Policy Cannot Continue

Ross Perot caused quite a stir with his economic charts when he ran for President in the early 90's. He has just issued a new set of sobering charts on America's economic future.

He shows quite clearly that current government spending trends cannot be sustained. The pyramid scheme of entitlements -- mainly Social Sercurity, Medicare and Medicaid -- have reached a "tipping point" with the retirement of the first Baby Boomer last year.

Our national security, our standard of living, our standing in the world, and the value of the dollar face a grave threat from this problem. What the charts omit is that all the Western welfare states are in the same situation.

This is not a popular topic on the Presidential campaign trail. Even though the status quo is not an option, the political class continues to ignore it. Any steps they take to prevent America's looming bankruptcy and destruction of the dollar will not be popular with those dependent on government programs.

Take 15 minutes to watch this slide show today. Make your preparations accordingly. If you are older, plan not to retire. If you are younger, don't factor Social Security into your future, except as a wage-slave.

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