My generation, born during or near post World War II, has been quite fortunate. Those of us lucky to have been born in the US… Read More »Playing Financial Chicken In Your Golden Years
This response is from a regular reader sent directly to me. I blocked out his name only because I don’t know whether he wants it to be revealed. I am in complete agreement with what he says. It is precisely this reason that I believe the situation is hopeless.
As I have said on other occasions, the situation might be resolvable with a hard-nosed turnaround specialist in charge. Even here, the emphasis is on “might!” In a political context where citizens have been conditioned to believe they are entitled to live at the expense of government (read that to mean other citizens because government has nothing that it first does not take from someone else), the situation is beyond hopeless.
Instead, our politicians pretend and lie about the true economic condition, which is equivalent to dead man walking.
Today the CBO released “The Budget and Economic Outlook: Fiscal Years 2012 to 2022”.
It is ridiculously long…but make sure to look at pages 14 & 67… They are the 2 most important pages in the report…in my opinion.
The CBO is projecting a $1.079 Trillion deficit in 2012.
And they are projecting Spending to skyrocket to $5.520 Trillion in 2022 (from $3.598 Trillion in 2011).
Congressional Budget Office reports another $1 trillion deficit
“The government faces a fourth year of trillion-plus deficits in 2012, according to new projections released Tuesday—numbers which also show little relief in the future unless Washington comes to grips with needed changes in its tax and spending policies.The $1.079 trillion deficit now projected for this fiscal year ending Sept. 30…”
CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years
“According to the CBO report, federal tax revenues equaled $2.302 trillion in fiscal 2011, and will increase to $2,523 trillion in fiscal 2012, $2,988 trillion in fiscal in 2013, and $3,313 trillion in 2014.As a percentage of GDP, according to CBO, federal tax revenues were 15.4 percent in fiscal 2011, and will be 16.3 percent in 2012, 18.8 percent in 2013, and 20.0 percent in fiscal 2014.”
America already has a $15+ Trillion National Debt — 100% of GDP (and rising).
The U.S. fiscal crisis can be simply summarized. Since 2009, the federal governmentRead More »Government Is Dead Man Walking
Chris Martenson on the Investor Problem: Debt Ceiling Dilemma: The Foul Choice Facing Investors Thursday, July 28, 2011, 10:23 am, by cmartenson For the record,… Read More »Guaranteed Losses vs. Moving Out The Risk Curve
Wikipedia describes the use of animals as early warning sensors. Canaries were used by miners: The classic example of animals serving as sentinels is the… Read More »The Canary Is Dying and So Is Our Future