"Are these the end times? Is the US headed for collapse? That appears to be the serious warnings from the two heads of the Obama appointed commission on our debt and deficit. On Sunday, Erskine Bowles (former President Clinton Chief of Staff) and Alan Simpson (former Republican senator from Wyoming), co-chairman of the Bipartisan Commission on Fiscal Responsibility and Reform, warned that unless something is done about the nation's debt and deficit, the US is headed for a predictable economic crisis unlike any we have ever seen.
To understand the seriousness of our current situation, Simpson explains that current federal revenue only pays for three programs. Social Security, Medicare and Medicaid. Everything else, "including fighting two wars, homeland security, education, art, culture, veterns, you name it -- the whole rest of discretionary budget is being financed by China and other countries." Jill Lawrence of Politics today adds that the amount we borrow currently from China is $920 billion. She says, "That if we continued on autopilot, by 2020 we would be paying $1 trillion a year in interest on our debt?"
Erskine Bowles compare the problem to a cancer that will eat this country from the inside out. He says, "We could do nothing and survive for maybe five years." He and Simpson hope this will not be the course that Congress will take when they deliver their report in December (after the elections which both Democrats and Republicans demanded). Both parties understand that drastic measures have to be taken. Bowles warns, "We could have decades of double-digit growth and not grow our way out of this enormous debt problem. We can't tax our way out....The reality is we have got to cut spending or increase revenues or do some combination of that."
All you hae to do is to take a look at California's current debt and deficit problem for where the US is heading. California has always been a trail blazer and now its trail blazing path to collapse that the US is also heading towards. While California's budget crisis could be blamed on its liberal leaning legislature, the same can not be said for the US. When you consider that George W. Bush spent more than any Republican president in history. His Medicare prescription entitlement program along side his own economic recovery plan bailouts added to the problem. Not two mention our involvement in two wars orchestrated by Bush.
While the "War on Terror" dominated the last decade, the biggest threat to the US this decade is government spending. We are more likely to face complete collapse due to our own financial troubles than a preempted strike from any terrorist organization. The bible in Revelation, as well as, those 2012 predictions mostly forecast natural cataclysmic disasters as the end of times. Could our end by due toward our call to "Render unto Ceaser" even when it went beyond the tithing percentage mentioned in the Bible?
With this latest report, it is scary to think what could become of us. It makes the upcoming elections in November all the more important. Critical decisions will need to be made to course correct this country. We all need to be sure we are thinking through our choices for elected office."
So how about it? Are the statists who have allowed out of control spending public enemy #1 to the Republic? If so, what should we do about it? Of course, it does not help the Obama administration when its own appointees condemn it.