Bankrupt and under water
by Rense Johnson, Chairman
Citizens for Term Limits … for a fresh Congress!
March 22, 2008
The late Daniel Patrick Moynihan famously said: Everyone is entitled to his own opinion, but not his own facts.
And facts are stubborn things.
Boston University’s Dr. Laurence Kotlikoff in 2006 wrote an article asking the question, Is the United States Bankrupt? — which he then answers in the affirmative. The conclusion is re-enforced that our bankruptcy has been a long time developing. Today’s economic reality has a political genesis which has ripened over the decades, as year after year, self-centered career politicians have dominated and bankrupted our nation.
According to Stephen Moore of Human Events, not long ago, then Treasury Secretary John Snow announced that the national debt plus unfunded liabilities of the United States government add up to eighty trillion dollars. “Ouch!” Moore [now with the WSJ] wrote. “That’s a debt load equivalent to about six times our current GDP. It is almost twice as much as the value of all goods and services produced everywhere in the world last year. And it is more money than has been earned by every American cumulatively since the Mayflower landed here in 1620.
These are all facts recorded on these pages. I didn’t make them up.
Then why is everyone, Democrat and Republican, ignoring these facts, like the 800-pound gorilla in the living room?
Not only are we bankrupt, we are eighty trillion dollars upside-down.
Has President Obama looked? Have Pelosi or Reid looked? Ha!
Does anyone care about the huge unconscionable, ugly burden these facts place on the shoulders of our children and their unborn issue?
Actually Senator John McCain does. He calls it generational theft.
And Citizens for Term Limits Vice-Chairman Dr. Leo Richard does. He believes that a constitutional amendment limiting congressional terns is only the first step.
Once we have a Congress composed of Citizen Legislators, as the Founders intended, then we can go to work restoring the nation the Gold Standard which Franklin D. Roosevelt stole from us over 75 years ago.
Our children deserve no less.