I just found this video by Hal Mason, who is an accountant. I haven’t seen it posted here before, and apologize if it has already been up here.
This video explains, in very plain and easily understood terms, why the US debt is unsustainable, and what is going to happen. It is so easy to understand, I thought it was worth sharing. He doesn’t sugar coat anything, and tells it like it is.
The sad truth, however, is that what he says is required to avert catastrophe simply isn’t likely to happen.
You may assume the position for atomic attack.
Can’t argue with math. It is what it is. Kiss your ass goobye…
MA
Muck – I think that is exactly what he is saying. He explains, briefly, what needs to be done, but I don’t think he is holding his breath.
Another example of why the U.S. government needs to get out of healthcare, the social safety net (welfare and disability) and retirement. It will, after the government is bankrupt.
It was posted here a day or two ago by, I think, Novista, but it’s worth posting twice.
Z – thanks. Sorry, Novista, my bad.
I think the thing that he is missing is the fact that our current monetary system, where dollars are debts that are essentially loaned into existence, requires an exponentially growing money supply and that requires an exponentially growing level of debt. Compare the graph he shows of Federal debt over the years to an exponential curve with a 2 or 3% rate of growth and you will find that they are essentially the same curve. If the monetary system is not reformed then there is no other path that can be taken but to try to maintain the exponentially growing debt load. Yes, it will collapse at some point, but electing different folks to DC will not fix the issue if they don’t understand the problem.
Excellent, absolutely perfect, sent it to everyone that I thought might care.