America's Fate: the Titanic's.

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David Walker, U.S. Comptroller, gave a speech recently which was re-aired on C-Span this evening. It was the most important speech made in the last 5 years and will remain the most important speech for America's future for decades. America is on a path to depression and bankruptcy, and the politicians to date, refuse to act to prevent it. The essence of his message was simple. America must make radical changes today to its future financial situation if it is to have an economic future with quality and dignity for its citizens.

The politicians, in whose hands lie our economic future, have so far refused to look at their legislation beyond their next reelection. In fact, many politicians who move for measures to save our country will lose their reelection because as Mr. Walker said, the public has not been educated to accept responsibility for the viability of our nation's future.

Some facts and figures. The present value of dollars saved (amount necessary to fund future obligations) needed to fund Medicare in 2003 when the prescription drug plan was passed was 8.7 trillion dollars. But not one dollar was saved to earn interest to pay for present or future benefits of Medicare. Health care entitlement spending is growing far faster than any economic growth the U.S. has seen in its best decades of growth. With foreign central banks owning near half of our national debt, U.S. leadership in the world will probably be compromised by one or more of those nation's threat to withdraw their treasury loans to us. The potential of a huge interest rate spike grows as a result. And a future steep interest rate spike will compound the severity of our future economic plight.

As the Comptroller, Mr. Walker said, when his Grandson was born on St. Patricks day, the newborn began crying, possibly at the fact that on his birthday he inherited over $150,000 in debt to be paid from his future earnings, and that number will grow each day he is alive. Mr. Walker said, as many think tanks, conservative and liberal, have been saying for years now, it is not possible to grow the economy sufficiently to deal with our growing debt obligations. We are way beyond that now. He said anyone who thinks we can grow the economy to solve these problems simply does not understand math.

The bottom line I took from his speech is this. If you can acquire great wealth over the next 20 to 30 years, do it. You'll need it for insulation from the terrible decline in quality of life in America that lies ahead. If you can't amass great wealth, consider raising your children in another country whose economic future is not a sinking ship like that of the United States.

The great American experiment is failing, and it is failing because politicians are selling our economic tomorrows for reelection votes today. It is called political and financial greed, ladies and gentleman, and of the worst kind. For our politicians took an oath to protect and defend our nation, present and future. And they have been breaking that oath for years and we have been rewarding them with reelection at the rate of 94 to 97% of all incumbents running. Their political greed and our political ignorance are the ice berg that will sink this Titanic.

Mr. Walker believes it is not too late to steer away before the ice berg is upon us. I have my doubts, but, I am still an American, and thus, it is my responsibility to relate Mr. Walker's warnings and plead with all who read this: vote for a challenger this year and against the incumbents who will sink our, and our children's, future if we allow them. For all the facts and figures and points made by Mr. Walker, go to this page of the Government Accountability Office.

2 Comments

I pray it's not this bad. Because if it is, and we have to rely on politicians to fix it, we're all in a quicksand pit.

Sarahlee, politicians just need to have their feet held to the fire by voters on election day. Currently 94 to 98% of incumbents are reelected regardless of how well or badly things are going. Politicians beleive they are free to act as they choose because there is no threat from voters. We can change that, by voting out incumbents and voting in challengers. If 15 or 20% of incumbents lose their campaigns, the rest will sit up sharply and take notice and ask themselves if they are next. Then politicians will begin working for America, her future, and her people again.

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This page contains a single entry by David R. Remer published on April 10, 2006 9:58 PM.

Green & Libertarian Obscurity was the previous entry in this blog.

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