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Mountainbiker

Mountainbiker
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Oklahoma,
Birthday
February 13
Title
Prof

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Salon.com
APRIL 24, 2009 10:37PM

Profligate Sinners

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The editorial machinations, over the extravagant spending of the current administration, totally ignore the accounting scams foisted on the public, since the Johnson administration and gleefully adopted by all following Republican and Democrat administrations.  Payments into Social Security and Medicaid accounts become loans to the general fund, an IOU not reflected in the politically popular National Debt of some ten plus trillion dollars.  No business is allowed to do accounting this way. 

 

The actual obligations according to the U. S. Treasury are 56 trillion dollars. The Bush and Obama bailout packages pale in significance. This debt is more than four times the yearly Gross Domestic Product. The ever-growing debt is not sustainable.

 

We have some unpleasant choices. We cut spending across the board, from defense (An hour and a half of non-intercepted flights on 911, some defense!), to infrastructure (“We don’t want no guvment pork.”), to social programs (“Peoples problems is their own fault.”).  We raise taxes on everyone (The top bracket in the1954 Eisenhower administration was 91% on incomes over $300,000.).  Failing that we have hyperinflation (say 1000% a year) to reduce the dollar value on the debt.  Finally the American Empire simply goes the way of empires, collapses, and repays debt to no one.  We profligate borrowers have sinned and now will suffer God’s wrath.

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