US Action News

Economist Walter Williams, former presidential candidate Steve Forbes, New York Gov. George Pataki, and Rep. Paul Ryan among others have expressed the dire consequences of continued spending and spiraling debt.

There is only one way out of this mess and that is default. The US cannot EVER pay back its debts. A US default is going to happen GUARANTEED (hyperinflation induced by endless money printing is just another form of default). When this happens, the US Dollar will collapse, lose reserve currency status, and inflation will rip through the system destroying the purchasing power of anything paper-related.

As long as the agencies and their programs remain, special interests won’t stop agitating Congress to continue, or more likely, increase, funding.

The political class attained power via Santa Claus economics, providing gifts to constituents in return for votes. Both parties are guilty. Politicians have conditioned themselves and their constituents to “free-lunch” governance.

Global economies are pushing away from the dollar and calling for alternatives as Obama and the Democrats continue unabated spending spree.

Rep. Peter Roskam explains that a tidal wave of debt is poised to destroy the social safety net programs millions of Americans rely on and create a less prosperous future for our kids and grandkids.

“I think that tells the American people what they already know. That we don’t care about what the real problems are. We care about the politics.” “Stand up and do the job we were hired to do.”

For saddling our grandchildren with a crushing debt burden that will hamper their economic liberty and stifle their quality of life, we should be ashamed. And for having ignored our role as an international model of political and economic liberty, we have placed more than our own national fate at risk.

The analysis measured three facets of fiscal sustainability. Sovereign governments were ranked on the current level of debt as a percentage of gross domestic product, the number of years until a nation’s debt level is so high it would trigger a funding crisis and the transparency and enforcement connected with the budget process. – WSJ

There is a long-term inevitability to this economic crisis. It will end in financial collapse. Short-term ebb and flows in economic reports will continue. The media and ruling class will attempt to spin what they can as signs of a recovery. Others not advancing the meme will be ignored and disappear quickly.