Put butter on us, we’re toast. Few things are more futile than the voting that will take place tomorrow. Or any day. Economic Law is kicking in that will make the election of this twit or that twit irrelevant. A nation with $21.5 trillion in current debt and well over $160 trillion in long-term obligations, will soon find out that it is not sustainable. Especially now that interest rates are rising. Gerald Celente, Greg Hunter, there are any number of people on YouTube that can explain it better than I can.
A “debt bomb” is waiting to go off. And there is going to be a lot of collateral damage. One of the saddest is what’s going to happen to retirees. “We must deal with entitlement reform!” is often the cry heard on business channels. Entitlements being the lions share of the national budget. When the bomb does go off retirees will be lucky if they keep 50% in SSA & Medicare benefits. The only pensions and benefits that won’t be touched are Congressional ones. Your IRA’s and 401K’s will be taxed. People will quickly learn what “negative interest rates” are when money starts being siphoned off their bank accounts.
So go ahead tomorrow and reelect the very people who put us in this mess. The Charles Grassley’s, the Steve King’s, the Kim Reynold’s. They broke things, they are undeniably incapable of fixing things. What’s really sick is the way people don’t see this coming. As we get to the point where it becomes impossible to even service the interest on the debt, let alone the debt itself! A bipartisan screw job will sail through Congress faster than you can say ‘Chapter 11’. And all the while Congress will act like, “Oh it was nobody’s fault really, it just happened.” Bullshit. This is 100% in Congress’s lap. Starting off in 1913 when they brought us this Keynesian nightmare known as the Federal Reserve.
Oh, and when the stock market crashes? Don’t sell at the bottom. Plow everything you have into it at the bottom.