by Ted Rudow III,MA
Wednesday Aug 26th, 2009
In a chilling forecast, the White House is predicting a 10-year
federal deficit of $9 trillion — more than the sum of all previous
deficits since America’s founding.
And it says by the next decade’s end
the national debt will equal three-quarters of the entire U.S. economy.
You'll recall that President Obama announced that he had found
budget savings of $17 billion. The American empire is clearly
overstretched and over-indebted. When an empire is new and fresh and
growing, people believe in saving, hard work, and frugality. When an
empire is old and decaying, they think the government should spend
"whatever it takes" to take care of them. This attitude helps destroy
the empire—thus making room for the next one.Americans have found a
president willing to go along with history.
Instead of scaling down, he is scaling up. Instead of reducing
America's indebtedness, he is increasing it. Instead of going for
safety, he's going for broke. America goes on living in a fairy tale, a
land of make-believe in which prosperity never ceases. But it will one
of these days.
Ted Rudow III,MA