Its just as bad as you thought:
f you listen to certain politicians and talking heads you might get the impression that the federal fiscal sky is falling. Unfortunately, unlike Chicken Little, they may be right.
The Treasury Department recently issued the 2009 financial report of the United States government. Whereas there is lots of talk in Congress and in the press about the federal budget, the annual report was released to near silence. That’s too bad, not only because the annual report is untainted by creative accounting but also because its message is too important to ignore.
That message is that the sky is indeed falling…
Do read the linked article – but to nutshell it, our government is in the hole by at least $57.4 trillion dollars. If we don’t change course, then mere interest on government debt – just the interest! – will eat up 10% of GDP by 2040. That might seem like a long way off, but its when my grand-daughter will be trying to make a living and, presumptively, raise a family.
I’m not going to sit still for this – I’m not about to allow liberals in 2010 to steal the future of 2040. Revolutionary change is necessary, and it will be accomplished.
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