Tuesday, August 09, 2016

Don’t Ignore The Debt!
"George W. Bush doubled the federal debt from $5 trillion to $10 trillion. Barack Obama’s on target to double the federal debt from $10 trillion to $20 trillion. It is unlikely the next president will be able to double the debt from $20 trillion to $40 trillion. Whether Clinton or Trump realizes it or not, whoever wins the election will be forced to deal with the debt problem. They may not like it. They may not agree with it. But this is the burden past presidents and congresses have left the next president. Regrettably, the debt problem is far worse than advertised. According to Professor Laurence Kotlikoff, the U.S. fiscal gap is around $200 trillion. This is dramatically different than the $19.5 trillion federal debt that is commonly cited .. Right now there’s a gaping hole between what people are expecting to receive – in the form of Social Security of Medicare – and the funding to cover it. Short-sighted solutions to boost the economy through stimulus programs, financed via deficits, ultimately make the debt problem worse. One way or another, the next president will have to deal with this. It isn’t a matter of what’s expedient. Nor is it a matter of what’s acceptable. Plain and simple, it is a matter of arithmetic that has to be reckoned. Neither Clinton nor Trump is up to the task. To be clear, this has nothing to do with Clinton’s cockadoodle awful face. It also has nothing to do with Trumps incomprehensible haircut. Instead, it has everything to do with the fact that these two candidates are Grade A dingleberries."
- MN Gordon
LINK HERE to the essay

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