If you have followed my articles in the past, you know how concerned I am with the future of our beloved country as a result of outrageous uncontrolled federal spending, huge deficits and debt rapidly accumulating.
I have studied the data and it is truly ugly and should be a cause for concern for every citizen. Do you realize that we are destroying this country with our ridiculous spending and mounting debts, now totaling $34 trillion and growing rapidly to $54+ trillion in 10 years on our current course. That doesn't even include $79 trillion in unfunded obligations for Social Security and Medicare plus other assorted liabilities.
Our interest bill for the current fiscal year alone is over $1 trillion (and growing rapidly). This interest expense represents almost 25% of the annual federal revenue in the United States. And what are we getting in return for that? Nothing.
Our government - the people that WE put into office - borrows endlessly with no means to pay it back. That is a Ponzi scheme that will end in disaster someday. The fools who believe in Modern Monetary Theory (i.e., we can borrow endlessly with no harmful effects)
have no common sense.
Accordingly, I have co-authored a book, The Greatest Ponzi Scheme on Earth. With co- author, Dan Mitchell, a brilliant and objective economist, we explain the following:
The current situation we face and what could happen when the Ponzi scheme fails;
Learning about real-world results from good and bad economic policies;
What we should be doing to solve our looming financial crisis.
Every citizen - each one of us - should be concerned about our debt and the coming financial disaster. As a concerned citizen, please read this book; it will alert and alarm you and hopefully spur you to do something before it is too late. Speak up, speak out, contact your representatives and let them know what you think. Congress will not act without an informed public and public support for some politically difficult changes. I have made it easy to do something now. Go to Main Street Economics.org, where we provide a link to contact Congress. It takes one minute to demand that Congress make changes.
The book is expected to be available on March 19th and can be preordered at MainStreet Economics.org or through Simon and Schuster or Amazon. The Forward was written by the Honorable David Walker, former Comptroller General for the United States.
