At this point the fight is over if it ever began in the first place, I'm convinced the American public will allow anything to happen going forward. I say this as someone that has watched things go one direction since I was born in 59. Both my parents were military officers, born 1919 so you can guess their values, I recall the 60's. The Federal seat belt law hah my parents actually said it was wrong, little did we know it would end up with incandescent bulbs being outlawed. Review Reagan's 64 speech on socialized medicine. The ACA and the bankruptcy of the nation both morally and financially seems inevitable.
Up until recently I thought there would be singular event that would cause the American people to demand a reversal but in talking with my Son and the other college kids in their mid-twenties I'm convinced a reversal will not come. When I rail about the issues of the day they pat me on the head and say there there AngryOldMan none of that stuff effects you, does any of that stuff effect you? I wonder if the average German in early thirties thought the same way?
He did point out that his generation wasn't worried about the debt and entitlement liabilities, he says: we aren't going to pay that. He has a point, at the rate we are going there seems to be an intention to run this nation into the ground. Odd thing the real wealth of the nation is all still here , the GDP is still ~ 15 trillion (flat no growth) the people, the resources, knowledge base. Obama has done the exact opposite of what would jump start a recovery form day one. The depression we are in like the downturn that lasted through the 70's is a result of the boomer generation all reaching the age where they cut back spending all at once. If we'd been prudent we would have arrived at 2008 with an
actual Federal surplus low taxation and a dollar so strong the world would have been complaining for years. Instead of personal debt and no real assets the average kid would be on track to inherit considerable personal wealth (real assets) not have parents hoping to work till they can get SSI/Medicaid.
(Harry S. Dent pointed out that as the boomers pulled their money out of the stock
market and shifted those assets into safer investments the dow would drop, guess we never dreamed of 85 billion a month being poured in there by the Fed)? and be handed a nation with bankrupt State, City and Federal governments that now view their citizens as property of the State.
I used to say that when the Federal Funds Rate moves off zero Watch out! The interest on the debt will destroy the dollar, I recall the sky high rates at the end of the Carter administration. But things are quite different now, then we were poised to go on a multi-decade run fueled by the baby boom in their peak spending & and productive years.
The echo boom is just that an echo their effects will be felt in the 2018 ~ 22 timeframe
then fizzle out. hah it has been said that half the reason Ted Kennedy started the flood of illegal immigration is that we need a docile underclass that reproduces to pay for the entitlement programs.
Japans peak earning population bubble burst in 1990, I realize now our rate stuck at zero since 2008 may be there for quite some time.
Japan’s two lost decades are worth considering
Who knows what the effect will be when the Fed stops easing (none of you lefties come and say we are in a recovery plz).
If the Fed moves the rate off zero the interest will chew up a greater and greater of the budget. Everyone knows the result if you attempt to monetize the debt :shock:
Some say part of the cause of WWII was the depression, there were other far greater factors butt
Alvin Toffler's Powershift predicted WWIII due to the emerging nations becoming industrial age economies, forming into blocs
and clashing with the information age nations, ok that seems far fetched but with the mid-east currently in flames who knows.
Going forward America will need the firm hand of true statesmen on the helm, Lord knows the current bunch either appear horribly incompetent or as I suspect actually trying to bring about a series of events in the economy and on the world stage that can swiftly realize nearly all their goals at once. That chills me to the bone.
So back to what my kid who's been in college since 05 thinks (yeah five year plan then applied to late to get into lawl school sat out a year finishes next May). He wasn't a commie when he left me and his mommy but after that long in a State run indoctrination camp what else would you expect?
The debt doesn't matter it's imaginary the underlying assets (the counties stuff it's tech and the people) and at this rate hah all the houses are held by Fanny May n Freddy? are still here, the young will fix it so that they unburden themselves from the yoke of having to pay social security (and all the other stuff) for the boomers and although the future holds an ever declining standard of living for the lower and middle classes
they can keep this system running virtually forever!
Now I don't know if that's the optimism of lowered expectations but it sure beats America becoming a totalitarian state or getting nuked. It
So tell me was this comparable to a CPWill post? Or did you scroll right on by as I normally?
People need to start addressing the topic and stop addressing people.