Saturday, October 24, 2009

The Debt Death Spiral

October 24, 2009
By Steve McCann
American Thinker


America's economy faces a miserable future, according to an important government report.

The media collectively have yawned, and official Washington has barely blinked. The Government Accountability Office recently issued its report to the Congress on the long-term fiscal outlook for the United States.

It is a bleak picture. The report opens:

  • Weakness in the economy and financial markets -- and the government's response to them -- have contributed to near-term increases in federal deficits, which reached record level in fiscal year 2009. While a lot of attention has been given to the recent fiscal deterioration, the federal government faces even larger fiscal challenges that will persist long after the return of financial stability and economic growth.


  • ...the federal government is on an unsustainable fiscal path.

Unfortunately few in Congress will ever read this memorandum, as their interest lies in a) getting their ideology and agenda passed; and b) letting others worry about tomorrow...

Nothing lays out the future better than this GAO report. The alarm has been sounded. Those in the Congress who will not pay heed must be replaced. Do not leave a shell of a once magnificent country to your children and grandchildren.

Read entire article: The Debt Death Sprial

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