As we teeter on the brink of Congress making another decision that could be a colossal mistake, Ian Bremmer, author of The End of the Free Market: Who wins the War Between States and Corporations?
writes that the U.S. debt-to-GDP ratio is above 84 percent. What that means is that we are closer to being unable to repay our debt than ever before.Has this little fact escaped President Obama and others who pushed to raise the debt ceiling?
To close that gap, Bremmer says that "U.S. Consumers will have to pay higher taxes, save more money, delay retirement, and accept less generous pensions and health care benefits."
Again the onus is on the average American instead of the government we elected to protect the interests of all Americans. Does everyone remember the bail out that gave billions of dollars to banks and corporations, bypassing the poor guy who was losing his house? How well did that work out for the average citizen?
It's always business as usual in Washington: The government bowing to the pressure of lobbyists to protect big business while the American tax payer pays, and pays, and pays.
Is anyone out there willing to buck the system?
2 comments:
"...accept less generous pensions and health care benefits." Not if you're a politician or serve on a corporate board of directors.
If the Washington crooks hadn't "borrowed" from SS, replacing money with worthless IOUs there would be no need to look at older citizens as a burden
If wages are frozen or cut and the ranks of unemployed are still growing (and they are) while prices keep rising (and they are) where the hell does saving enter the picture?
Good point, Giggles. That is one of the main reasons I keep harping on this. It is like Washington is ignoring the stats.
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