If you are one of those who have swallowed the red pill and have been reading the preceding chapters, you know that the United States is headed towards a fiscal cliff due to the unsustainable costs inflicted upon the nation by our lying politicians. By promising people benefits in exchange for votes, these Crooks and Thieves have managed to get themselves elected time and time again. However, the due date on this pyramid scam they’ve been running is fast arriving. One look at the fiscal troubles of the “Blue” states we mentioned in Reality and the sovereign debt crisis in Europe should convince anyone not stuck inside the Matrix, that America too will face its day of reckoning if nothing is done to prevent it.
Many on the left would like to reassure you that California and Illinois are still “functioning” and that the leaders of the Eurozone have continually been able to find a trick or a gimmick enabling them to avoid bankruptcy. But, can it really be argued that this can continue? Have they actually fixed the fiscal imbalances that have led them from crisis to crisis? Of course not. The Crooks and Thieves of these ruined economic models have merely managed to kick the can down the road a little further. That is all.
Those who try to convince you that the current path we are on is sustainable or can be fixed by the fantasy notion of taxing the “rich” are either lying to you or living in denial. In truth, they are acting like little children wishing away reality and throwing temper tantrums to keep the fantasy alive. As far as they are concerned, those adults who say ask them to confront the truth are mean terrible people who must not be listened to. With fingers firmly ensconced in their ears, they are oblivious to logic and reason.
Perhaps you, too, believe that the debt crisis isn’t as serious as I am making it out to be. Perhaps you agree with the Democrats and think that all of us who say the emperor has no clothes are extremists for pointing out how it might be time to cover his nakedness. I mean, how serious a problem is it really? Well, if you do just a little bit of simple arithmetic it’s really @#$% huge:
Things have gotten worse since Iowahawk first created the above video. According to Steve McCann writing in The American Thinker:
The true indebtedness of the United States now exceeds $222 trillion. Appearing on National Public Radio in August of 2011 Professor Laurence J. Kotlikoff of Boston University said:
If you add up all the promises that have been made for spending obligations, and subtract all the taxes we expect to collect, the difference is $211 Trillion. This is the fiscal gap. That is our true indebtedness.
Since that interview, the indebtedness has increased by another $11 trillion. Yet these estimates do not include the full impact of ObamaCare, which could add another $17+ trillion. On the other side of the ledger: the annual Gross Domestic Product (the value of all economic activity in the U.S.) is $15.6 trillion. The indebtedness to GDP ratio is a staggering 14.2 to 1 and guaranteed to further accelerate if Barack Obama is re-elected.
The United States is not facing bankruptcy, it is bankrupt. The primary factor that has kept the nation afloat over the past four years is that the dollar, albeit temporarily, remains the world’s reserve currency, thus allowing the Federal Reserve to print enormous sums of money to cover the Obama budget deficits and flood the global market with near worthless cash. Today it requires $100.00 to purchase the same goods $10.00 purchased in 1950.
As a further comparison, the total annual GDP of all the countries on earth is $70 trillion. The American indebtedness alone exceeds that amount by a factor of 3 — which contributes mightily to a world drowning in debt and facing an inevitable debt crisis and financial collapse, which will trigger a massive global depression.