NEVER BEFORE-time to bankrupt America
Have we seen the distress America is facing right NOW!!!!!
Our municpalities running out of money and going bankrupt. Our pension plans soooooo underfunded that millions will be likely to get short changed. Ford and GM begging for $50 Billion in loans and much of it would have to go to Delphi just to allow it to exit bankruptcy. American incomes crashing as prices going through the roof. Airlines shutting down flights this Fall likely to leave tens of thousands stranded. Abandoned housing developments littering communties in the West. Many areas where more houses are being foreclosed than sold. Unemployment growing every week. Schools being forced to shut down due to lack of funding. Transportation becoming soooo expensive many can't afford to get to work. Spending by American government and business being cut back at unprecedented rates.
The question is why is this all happenning now and at the same time all over the nation?????
America is basically bankrupt. Right now we are basically spending down our savings that was really borrowed. For all you Republicans who think Unions suck and should be shut down, workers pay cut, and benefits scaled back to be competitive....well you are about to be in for a very rude awakening......Your party has identified you as the next target for shutdown and you don't even know it.
If you are American, you belong to the biggest Union in the world, the Union of the Citizens of the United States Local 50. Your union is Fat and Bloated and Underfunded and your income and benefits will have to be terminated. Your government/company owes you $50 Trillion dollars(about $175K for every man woman and child) for retirement and medical benefits that is underfunded. Who gives a damm that you paid your dues for the past 50 years, just talk to the union workers of many companies in the US that saw their benefits evaporate after bankruptcy.
Our cost structure in America, just factoring social security and medicare alone, is simply too high to compete in the Global Economy where China, India, Russia ect.. are not burdened with such obligations. Add in debt and it ain't even close.
Now, a HUGE percentage of revenues being generated is simply going to pay for interest and benefit expenses and there is little left over for anything else like food or fuel or shelter or capital investment or government services.
If you think you are eligible for a supplemental pension, at the end of this quarter, just ask for a statement of financial condition...you may be surprised how much things deteriorated since the end of last year.
At the end of the day, debt is only worth the ability to service it and equity is any residual value over debt. When debt is impaired, equity is worthless. Many companies are worthless today because they are not even worth the outstanding debt.
At this point, we have become so fat and stupid, and focusing on the glory years, that few really appreciate how deeeeeep a hole we have dug ourselves into.....David Walker gets it.
Soon we will have to restructure debt accross America, bankrupt many individuals, businesses, and municipalities.......repudiate most of social security and medicare......and start over as a fresh business.
In the end, most will be broke, the value of everything will be a fraction of what it is today, but we will be more competitive in the Global Economy and our future will be much brighter.
Now we have a choice....elect a leader who doesn't have the experience who hopefully can learn to get it or a leader who after many years of experience doesn't even get it?
There Lordy, you now have your solution....pretty simple ain't it?