British Think Tank Predicts Financial Catastrophe for United States
Entitled "The Government Debt Iceberg," the latest report from The Institute of Economic Affairs (IEA) in London was meant primarily for British eyes, but there's enough in there to concern Americans worried about how the United States will make good on its promises. Researched and written by Jagadeesh Gokhale, a senior fellow at the Cato Institute, the problem facing both the U.K. and the United States is the same: making promises without making provisions to fulfill them.
If a private business made a promise to a customer to be fulfilled over time, it would book that promise as a liability and make present plans to fulfill it. Not so the government. Gokhale says that governments use ‚Äúbackward-looking‚ÄĚ financials ‚ÄĒ measuring only what has already been spent in the past ‚ÄĒ with little if any regard for, and certainly no strategy to pay for, promises made to be fulfilled in the future.
On the other hand if America deducted all of the aid,all of the wars it has fought for other countries,all of their poor it has taken in,all of the technology it has given away,and countries who spend next to nothing on their own defense because of the treaties we have signed to protect them we would owe not a single dime to anyone.
I don't owe you money when I send my sons to fight and die for you,give everything I have to you,and allow you in my house whenever you want to do whatever you want and raid the refridgerator whenever you want.
"At present the U.S. government owes debtors, both private and public, foreign and domestic, more than $17 trillion, an amount about equal to the entire output of the American economy in one year"
Y'all will just have to live for a year with nothing. Send all your cents to dear ole Barack and he will pay the creditors which politicians have amassed over the years to look after you!!!
"Let us not seek the Republican answer or the Democratic answer, but the right answer. Let us not seek to fix the blame for the past. Let us accept our own responsibility for the future." John F. Kennedy