America’s Future?

October 6, 2009

This Administration and Congress are setting new records for expanding our national debt.  This race to see who can spend more has been going on for more years than I care to count but the increases over the last 10 years have set new levels of ineptness and shortsightedness in American history.  The dollar is rapidly losing value.  Oil is projected to top $100 a bbl before year’s end.  Gold is at an all time high.  Congress wants to shift 30 billion in Medicare cuts to states.  The EPA is using the Clean Air Act as an extortion tool to force business to support a Cap and Trade law.  Congress is considering a Value Added Tax (VAT).  We are experiencing an invisible recovery from the worst recession in 20 plus years.  Economic and business experts can’t even agree if we have seen the bottom of this recession.  Some believe real recovery will not begin until late 2010.

Regardless of when a real recovery begins the question remains: Can the US effectively deal with the national debt without crippling business and citizens with massive tax hikes and onerous environmental laws?  The simple answer is no.  Even if Congress were to approve individual and business tax cuts to encourage expansion and investment Congress itself will not exercise the necessary self-control to allow increased tax receipts to pay down the debt.  Congress would use the extra funds to create new entitlements and increase funding of existing special programs.  The only major program Congress is interested in cutting is defense.  (Seems this Administration and Congress really believe if we just make nice with our enemies they will see we mean them no harm and will just leave us alone.)

We have monetized our debt.  Trading “partners” are moving away from the dollar and using commodities to strengthen their markets.  The weak dollar may help our trade imbalance, if American businesses are still in business and located in America.  The Cap & Trade laws could force many businesses off shore or out-of-business altogether, and that does not take into account what energy cost increases will do to the average American.  Green jobs will not be able to replace the jobs lost to environmental legislation and will continue to require massive subsidies.  (Spain is living proof the green sector is incapable of being self-sustaining.)

What does this mean for our future?  I believe it means: Hyperinflation at the least, national bankruptcy in the middle, collapse of our nation at the worst.

We can look for a miracle, but I wouldn’t bet any money on that.

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