Spain’s unemployment rate is 21%. Protests are beginning to appear in the streets. Without the economy or resources to placate these people, things will not end well.
The situation is little different in this country, although demonstrations have not begun yet. Our unemployment rate, unofficially, is close to Spain’s. Amongst the work-age youth (under 25), it is well above 50%. We have placated these folks with bread and circuses, but resources to continue doing so is gone. What is going to happen when unemployment benefits run out or cut back to 13 weeks? What will happen when we cannot send out welfare checks? What about the coming collapse of Medicare, Medicaid and Social Security?
All of these outcomes are staring at us. Some are probable within the next couple of years. Others, further down the road.
We are no different than Europe or any other country. When our people do not eat and are left without hope, unimaginable things are possible. The genius, creativity and entrepreneurial spirit of the American people is legendary when directed at positive outcomes. So too will it be if directed at harmful outcomes.