analyticsbox | Feb 02, 2022
What is 'Inertia'?
The Definition of Inertia: a tendency to do nothing or to remain unchanged. For my purpose, it means ‘keep on keeping on’. A tendency to keep going in the same direction we are headed in.
So is inertia good or bad? That depends on which direction you are headed. If it is in a good positive direction, it is a good powerful force. If we are headed over a cliff, its not so good. It’s Common Sense, nothing new here.
So what’s my point? The Federal Government is headed over the cliff of fiscal insanity, by any reasonable definition. I know, I know, the fiscal spendthrifts will vehemently disagree with this, but look at the facts.
As i pointed out on Facts No Spin #33 & Facts No Spin 34 on the Federal Debt, the numbers are insanely bad. By the government’s own data, in 2020, the last financial report available from the Federal Government, the total liabilities (including unfunded obligations) are $102,000,000,000,000 - that is $102 Trillion. Today it is even higher and many economists estimate unfunded liabilities are also much higher. The actual number is almost irrelevant, any of them are insanely bad. Funding this is nothing but a Ponzi Scheme as I explained in Facts No Spin #4.
Yet we keep on keeping on. The Congressional Budget Office, a non-partisan office of the government, projects large and growing government deficits indefinitely. That gets worse if the recent ‘progressive’ proposals are passed, most of which are not paid for.
So? An interesting short editorial suggests a course correction, by David Walker, former Comptroller General of the United States, and Barry Poulson, Professor Emeritus at University of Colorado. They discuss our fiscal issues and how we can fix them with Constitutional Amendments.
BOTTOM LINE
We must break the Inertia before it is too late - however we can. Almost every country in the world is borrowing money to pay its bills - operating at deficits, permanently. Several have already defaulted on their debts - that is, they have gone broke! This is no way to run a country.
Spending money we don't have has become an addiction. It feels good, but inevitably spins out of control. There are two choices, get help and fix the problem, or sink to the bottom and crash. For a change, let’s not wait until all reasonable solutions have been exhausted before we act. Let's fix the problem now.
LEARN ECONOMICS THEN VOTE SMART.