Debt getting out of hand, or do the Government have a plan?

 

Do we have the will to do it? Leaders of foreign countries have solved fiscal crises -- witness Sweden in 1992, and Canada in 1995. Sweden even solved its Social Security problem through privatization. Why can’t the United States get its act together? The chart below shows how the Federal debt is growing hyperbolically. You can watch the federal debt grow every second by clicking here. It is mesmerizing.

The Fed's 'Wrecking Ball' [There's Only One Way To Dodge It] According to Top 20 Living Economist Dr. Mark Skousen... The Federal Reserve's moves are about to get even more dangerous... Forcing everyday investors to make panic-fueled decisions. To learn all about the Fed's "wrecking ball" -- and what Dr. Skousen is doing with his own personal investments -- click here now.

'What, me worry?' In response to the debt issue, let me first refer to economist American “Austrian” economist Murray Rothbard, who wrote the following in his mammoth work, "Man, Economy and State”: "Many opponents of public borrowing have greatly exaggerated the dangers of the public debt and have raised persistent alarms about imminent 'bankruptcy.'" He wrote that in 1962! For the past 70-plus years, people have worried about the growth of the national debt. I have several books in the “doom and gloom” section of my library that raise the specter of disasters, such as Harry Browne’s book, “The Economic Time Bomb,” written in 1989. A few years later, Harry Figgie sounded the alarm in his book, “Bankruptcy 1995,” which was a New York Times #1 bestseller. This time, Washington listened. It caused President Bill Clinton to work with House Speaker Newt Gingrich and the Republicans on Capitol Hill to reduce the deficit and even start to run surpluses between the years of 1998-2001. This episode demonstrates that the United States can solve its fiscal problems if it has the will to do so. ‘Democracy in Deficit’