This is a little off topic for the Candlewick Pride site but it should be of concern to all of us. In reading the information from USA TODAY at the end of this post I really get a sick feeling. Our government has spent and promised us into a situation with no fix except the austerity measures being demanded of Greece. They, like us, have become an entitlement society and that mentality cannot continue. Government is not able to guarantee the good life cradle to grave and we all need to accept that as fact. There is only so much water in the bucket and continually more people feel they are entitled to drink from the emptying bucket. Greece is now in the throes of rioting and the government could well topple or go bankrupt. If Greece were to go under it could just be the start with Spain, Portugal, and others following. If that happens it could well put the strongest European banks under. Should they fail the U.S. banks could well follow suit due to their investments in those European banks. This is serious stuff, folks. What would happen in this country if the same cuts as those in Greece become necessary? The reaction by the populace would probably mirror Greece. Please read the article excerpt below. The answer? I haven’t a clue.
Ken Dillenburg
“The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for. This gap between spending commitments and revenue last year equals more than one-third of the nation’s gross domestic product.
The $61.6 trillion in unfunded obligations amounts to $534,000 per household. That’s more than five times what Americans have borrowed for everything else — mortgages, car loans and other debt. It reflects the challenge as the number of retirees soars over the next 20 years and seniors try to collect on those spending promises.