Predicts Economic Depression, Impossible to Stop.
Economy experts and doomsayers are having a field day with the current state of the world’s economy.
Nearly all of them predicts economic depression and or the end of the world as we know it, by 2010, if something isn’t done soon.
The deficit is reaching trillions of dollars.
Unemployment is nearing double digits, and the money markets are panicked.
All those problems and more make a soup named disaster for the world.
Because it is said that when America sneezes, the rest of the world catches cold and that has happened.
The financial crisis is a world wide situation.
The depression-nobody calls it a recession anymore-is here according to some world watchers.
Unchecked spending on the war in Iraq, the bogus drug war that has been raging for the past 80 years, are just two of the problems that have pushed spending into the stratosphere.
The Government Accounting Office has long been predicting that Medicaid, Medicare and social security have unsustainable growth and need to be fixed.
Some economists economic predictions on depression will be fueled by the aging baby boomer situation.
As the boomers get older, there will be fewer workers feeding money into retirement system.
Meaning social security is destined to run out of funds in our lifetime
Many experts point to the tone deafness of the government when it came to dealing with the mounting problems.
No one in government wanted to acknowledge the coming trouble or to be the first one who predicts economic depression.
Now that the markets and wall street have collapsed, everyone jumping in to say “told ya so!”
Ron Paul Sounding Alarm
Former presidential candidate, Ron Paul has been consistently sounding the alarm.
He predicts economic depression within the next two or three years, if the government doesn’t change its way of doing things.
Like some of the other experts, Paul blames government entitlement programs as the main culprit in the crisis.
Future Generations to Suffer
The real victims say those experts, are the future generations who will be stuck with the bill.
The debt being incurred today, will take years, maybe even decades to pay off.
The official national debt is approaching 9-trillion dollars, and that reflects only what the federal government owes on money already borrowed.
Debt Doesn’t Reflect all Owed
The national debt does not, according to the experts, reflect the money owed through entitlement programs like social security.
The real debt number according to experts who predicts economic depression, is closer to fifty trillion dollars.
At that rate each household in America is 175,000 dollars in the hole.
The obvious solution is to cut federal spending. That needs to be done by about 60% right now.
However passage of the massive stimulus package in the past week, means that spending is going to increase rather than decrease as the new administration attempts to spend its way out of the problem.
Some experts feel that is really the only way to do it.