For decades Washington, DC bureaucrats and career politicians continue to muddle on as if there is no consequence to continued deficit spending and concomitant accumulation of unimaginable indebtedness.
Unfortunately, the republiCant and demoCrap Parties pay only lip service to solving the nation’s financial woes which is testimony to the insidiousness of their addiction to profligate spending.
Solutions offered by the Parties, at best, keep the Federal Government’s doors open only to delay the inevitable collapse of this house of cards.
Without immediate implementation of a radically new approach to managing the federal debt, an immoral and unconscionable inter-generational debt transfer must occur which will steal the future from Generation X and the Millennial.
However, the current political machine is an out-of-touch political class debasing the citizenry by mortgaging their future while painting an illusion of prosperity.
They say it is only after you hit bottom that here is an opportunity to truly recover and so it will be with the Federal Government. What most do not realize is that the wealth of the citizenry is not tied inextricably to a Federal Government that is both insolvent and beyond repair by traditional remedies.
Therefore, the only sound fiscal and moral action will be to declare the U.S. Government bankrupt with the hope that an orderly “build down” ensues. The current financial practices of leveraging, borrowing, and wealth transfer to cover-up the real extent of unfunded mandates and liabilities is unsustainable.
The dream of growing up in this once great land of opportunity is about to be totally crushed through financial market unwinding of imponderable indebtedness accumulated not just by the Federal Government, but by state and local governments all across the fruited plain.
Heretofore, the obvious remedies have been dismissed because they immediately collapse the influence of entrenched self-serving politicians, out-of-sync political parties and their benefactors.
Cutting the federal budget to pre-Clintonian levels coupled with completely substituting the Internal Revenue Code with a flat 10% federal tax on wages will do more to purge (for the good of the nation) an embedded political class primarily concerned with self-aggrandizement at taxpayer expense.
The Republic is aptly described by the First Citizen as “the dependent states of America on O’Borrowed time.” Unless the silent majority is able to affect true change by action, deed and word, the great experiment called America will be over.