I hope that Obama is successful, but I would not bet that he will be. Why? Because the real problem is that our Federal government is essentially the biggest subprime borrower in the world! Entitlement spending will consume 100% of tax revenues in the not-too-distant future and neither Obama nor McCain really were talking about […]
Written by randomfool on November 9th, 2008 with
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I hope that Obama is successful, but I would not bet that he will be. Why? Because the real problem is that our Federal government is essentially the biggest subprime borrower in the world! Entitlement spending will consume 100% of tax revenues in the not-too-distant future and neither Obama nor McCain really were talking about the problem. If we default on our national debt (which will happen if we don’t raise taxes or cut entitlement spending or both by politically suicidal levels), the crisis that will follow will make the current economic crisis look like child’s play.
And, don’t take my word for it…take it from the Federal Government. They wrote it down in plain English. If you want to scare yourself, read it for yourself.
Written by randomfool on November 9th, 2008 with
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Read more articles on General Folly.
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