America’s Streets, Once Paved With Gold. Are Now Paved With Debt …

TIME - Bankruptcy$152,000 we noted recently, is the average U.S. taxpayer’s portion of the nation’s debt. Plus, of course, interest, of course. We note as well, the ongoing decrease in the percentage of the population still working. Early last century, folk flocked th the U.S. saying that “The streets were paved with gold.” Not literally of course, but they were paved with opportunity denied elsewhere. The present projections from the Bureau of Labor Statistics, estimating available jobs for the next ten years, strongly resemble the ‘elsewhere’ that those immigrants fled for America. Note that it is from this expected dearth of opportunity, that the taxpayers must nevertheless, repay our $17 trillion in debt  Plus interest. And if our compassionate governors intend to continue paying out present Medicare, Medicaid and Social Security benefits, they will somehow have to extract the maybe 1/3 of spending from those same taxpayers. Or print more money …

That looks like a tough sell at election time, right? But the poor U.S. isn’t alone; most of the Eurofolk face the exact same Hobson’s choice. See, there’s a dirty and not so little secret involved: The entire “Welfare state” scam has run out. Busted, bankrupt, broke. The Communists learned the hard way that sharing out the wealth with compulsion leads to its disappearance from lack of motivation, so what is shared in the end, is poverty. We beat the Communists (by outspending them) and so thought that for us, it would be different. Sure.

But it isn’t different; spending too much, ever a human curse for thousands of years, be it by man or by business or by government, remains terminal. Our ‘democratic’ Western governments have fallen to the level of financial scams that cannot deliver what has been promise and they are collapsing like a row of financial tenpins, of the resulting insolvency — in this instance, resulting from unrepayable debt. And whether the guilty governments involved can continue to stand as the facts sink into the heretofore ‘entitled’ suckers who have voted for the illusion, remains to be seen.

None of this is any surprise for readers of human history; it’s all been seen before. But there is one difference: This time, it’s on a worldwide scale in an integrated world financial system. So the fallout will be a worldwide problem among various individual political powers that will need to cooperate if the resulting suffering is to be mitigated. Consider: How likely is that? Our U.S. government is preparing with prison camps, militarization of policing, arming of government departments and provisions for rescinding Constitutional due process. How constructive are those?

The stock market goes into hysterics every time the Federal Reserve, burps. That says its present, record-setting values are little but emotion; they can vanish as fast — or faster — than they have appeared. And here if anywhere, Murphy rules.

Somewhere, Karl Marx and Vladimir Lenin are laughing their heads off, Benjamin Franklin signs and Abraham Lincoln is weeping.

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About Jack Curtis

Suspicious of government, doubtful of economics, fond of figure skating (but the off-ice part, not so much)
This entry was posted in Debt, Deficits, Government, Politics and tagged , , , . Bookmark the permalink.

2 Responses to America’s Streets, Once Paved With Gold. Are Now Paved With Debt …

  1. James Teague says:

    Time is near for a world leader who solves all the climate change problems, makes peace with Israel and the Arabs, gets rid of cash (note current world wide bank restrictions), develops an ID system and builds a temple to himself in Jerusalem. 666 anyone?

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