Monday, July 09, 2007

In 33 Years, America Will Be Bankrupt

Anyone see 60 Minutes last night?

This is the U.S. Comptroller General David Walker.

And the story he tells in scary. Very, very scary.

Beginning next year, and for 20 years thereafter, 78 million Americans will become pensioners and medical dependents of the U.S. taxpayer.

"The first baby boomer will reach 62 and be eligible for early retirement of Social Security January 1, 2008. They'll be eligible for Medicare just three years later. And when those boomers start retiring in mass, then that will be a tsunami of spending that could swamp our ship of state if we don't get serious," Walker explains.

To illustrate their impact, he uses a power point presentation to show what would happen in 30 years if the U.S. maintains its current course and fulfills all of the promises politicians have made to the public on things like Social Security and Medicare.

What would happen in 2040 if nothing changes?

"If nothing changes, the federal government's not gonna be able to do much more than pay interest on the mounting debt and some entitlement benefits. It won't have money left for anything else – national defense, homeland security, education, you name it," Walker warns.

Bankrupt. The end of the republic.

It's the dirty secret that everyone in Washington knows about - and is doing nothing to solve it.

Damn it. I've hiding all my treasure. Once I get some.

1 comment:

Lauren K said...

I hid everything I own under a giant mushroom but forgot where I put it.