Would you invest in a company that lost $2 trillion last year and has a net worth of negative $44 trillion? Bloomberg compared the U.S. to a corporation and that sentence was on their front cover. Ben Bernanke testifying to congress about our debt stated, “We are much closer to total destruction than you think.”
Ezra Klein from the Washington Post describes the U.S. Government as “an insurance conglomerate protected by a large standing army.” WOW!
The CBO (Congressional Budget Office) describes the debt as “Calamitous, worse than anybody said.” Here are the facts: Politicians are the best sales people on the planet. While they distract you with talk about earmarks, waste and the like, they refuse to discuss the only four things that can provide debt relief:
- Social Security
- Interest on the debt.
These are the only four things that can reduce the deficit. As spending on those four things increase, all other spending will decrease.
Finally, the debt is currently $14 trillion. By 2015 the debt will rise to $20 trillion and by 2021 the debt for this country will exceed $27 trillion. The interest required to service that debt will take up to 50 percent of all federal tax revenue. This is only one decade away! So you need to ask yourself two questions:
What do you think this will do to your benefits? When do you want to get started taking control of your family’s financial future?
Here are some recent articles that you may find interesting.
USA Inc.: Red, White, and Very Blue (Bloomberg Businessweek, February 28-March 6, 2011)
U.S. debt situation is calamitous, worst than anybody said (The Citizen, February 15, 2011)
Gov’t Adds Another $63.7 Billion in Debt (The New American, March 3, 2011)
If we could show you the most effective, efficient ways possible to save money for the future would you like to know them? If we could show you creative ways to decrease taxes and increase benefits would you want to know about them?
Kelly O’Connor – firstname.lastname@example.org