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Tipping point in the rearview mirror

Terry Garlock's picture

As America has been hurling itself toward fiscal Armageddon in recent years, pundits have described the economic tipping point we will reach some day in the future, a point of economic calamity from which our country cannot recover.

Optimists have said with patriotic fervor that America is so resilient that it will rebound from the debilitating effects of liberalism and the welfare state, we will come back as the economic and military superpower of the world.

Both are wrong.

The optimists are wrong in that our system is fragile and can be broken. I would argue we already broke it, that the tipping point was passed years ago.

I had a column bouncing around in my mind to write after Romney was elected, because surely there aren’t enough numbskulls to re-elect Obama, are there? With Romney and Ryan safely elected to take office in January, the subject of my column would have been this:

“We have a chance to turn our economic disaster around, but only a very small chance. And prospects are not promising, even with the capitalist A-team in the lead.”

If you can bear to follow my thinking, prepare to be upset.

Turn your mind’s eye to our government cutting entitlement benefits of any sort. The mere whiff in the news of cuts under consideration brings unbearable caterwauling, and the media herd stampedes to the to-be-injured parties with countless camera eyes determined to capture every tear for delivery to our living rooms with sympathy and tut-tutting.

So cutting is hard, we all know that. But how much cutting would it take?

Let’s ignore for the moment the “fiscal cliff” approaching at year end in which a multitude of taxes would be raised, begging for a recessional dip at a time we desperately need to fire up the engines of commerce.

Let’s also ignore for the moment that a Romney-Ryan pro-business America would encourage people with capital held in cautious abeyance to put it at risk to expand a business or start a new one, creating jobs and an expanding tax base to feed the federal appetite.

Let’s just deal with the tax base we have and the plain vanilla economic disaster we have created.

In 2012 our tax collections will be $2.5 trillion, but our geniuses in Washington are spending $3.8 trillion. We borrow from China and other investors 40 percent of every dollar our fed spends. The interest on that debt is $225 billion this year, but of course it grows every year as we pile on more debt, now $16 trillion and projected at $26 trillion in 2021.

If we separate federal spending into mandated programs (entitlements) and discretionary, you may want to keep the nitroglycerine pills handy if you have a weak heart.

Mandates include Social Security, Medicare, Medicaid, government employee pensions, military pensions, veterans compensation payments for injuries like I received, and so on, totaling $2,252 billion in 2012.

We could pay for mandates out of tax revenue, but there wouldn’t be any money left for discretionary items, which are broken down into security (armed forces, FBI, CIA, etc.) and non-security (departments of Education, State, Commerce, Interior, EPA and all the rest). We could pay for mandates but nothing else.

After paying for mandates, $1.3 trillion of borrowed money goes to discretionary items to fund the fed and armed forces, FBI, CIA, etc.

Amidst this monetary madness, the Congressional Budget Office has reported numerous duplicative and wasteful programs, but none have been eliminated to save money. It seems the closest thing on earth to eternal life is a federal program because cuts and politicians are camera-shy when the screaming starts.

The screaming over even small cuts is quickly magnified under the media microscope to the point politicians avoid cuts at all costs; they would rather ruin our children’s future by continuing to borrow mountains of money we cannot afford to repay.

We’ve all heard conservative politicians chatter about eliminating federal departments like Education, Commerce, etc., and while some such moves may be beneficial, the savings are not large enough to put a dent in the deficit problem. The heart of the problem is mandated entitlements we cannot pay for.

To solve our fiscal problem, we would need a MAJORITY of politicians with the courage to make MASSIVE cuts to entitlements, not just itty bitty symbolic cuts with a little bit of bleeding.

The cuts would need to be so deep the blood on the floor would be knee-deep, and the screaming would quickly become unbearable.

Where do we find politicians with that much courage? Maybe Romney and Ryan would have had the courage to endure the national screaming from deep cuts, but they would have had marginal help from Republicans with re-election on their mind, and stiff opposition from every Democrat.

Would they have been able to pull it off? I have serious doubts.

Now that Obama is safely in the White House four more years, none of that deep budget cutting will happen, other than small, symbolic reductions that solve nothing.

Even worse, business owners who have been holding their breath, along with their capital, hoping for a Romney-Ryan change to the anti-business climate, now will have to deal with an escalating war on business.

The Dodd-Frank legislation that is strangling small banks will continue to spit out the remaining trainload of new regulations still pending.

Taxes on successful people (small business owners) will be raised “to be fair.” The administration’s war on the American coal industry will likely pick up in intensity. Absurd carbon emission taxes and regulation are poised to be revived.

Obamacare implementation plods along, prompting employers with headcounts at the margin to fire employees and reduce the hours of part-timers to keep their headcount under the law’s threshold. Obama’s anti-business beat goes on.

So, what does all this mean other than the inmates have absolute control of the asylum?

Our national financial condition is a ship having struck an iceberg and taking on water, but instead of a heroic try to keep it afloat, our leaders are heading pell-mell for more icebergs while shuffling the deck chairs and telling us proudly of our re-arranged seats.

In the early 19th century, a deep-thinking Frenchman named Alexis de Tocqueville spent two years traveling around our new country and noting his observations of our system, hoping to learn and advise his countrymen on the transition from their old aristocracy to a new democracy. He wrote a brilliant book titled “Democracy in America” with many insightful observations, including this one:

“A democracy ... can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy ...”

That pretty much sums up where we are.

Half don’t pay income tax. Moochers are outnumbering the providers, and Democrats are doing a good job organizing the moocher vote machine.

Unprecedented numbers are on food stamps, many of them people who buy cigarettes, booze, tattoos, flat screen TVs, have cars and air conditioning, and our government spends our money advertising to encourage more people to apply for food stamps.

A friend recently witnessed a frantic crowd surrounding a government van as free cell phones were handed out in Union City. Wonder why they didn’t come to Peachtree City?

We have raised generations that don’t know the good life they live came from capitalism and individual responsibility, and last week they voted for free stuff and collectivism over individualism, instant gratification over the long-term good of the country.

Do I think America will recover? No, I don’t. To look into our future, tune in to Greece.

While liberals accelerate their coddling the weak, punishing the successful and snickering at nay-sayers like me and thinking us fools, America is crumbling, much like Rome burned while Nero fiddled.

But even if we had elected Romney, and even if he had pulled off the unlikely miracle of reversing our course of financial ruin, do you think we could have restored the foundation of our country that has been trampled for decades – a federal government limited to constitutionally enumerated powers?

Neither do I.

[Terry Garlock of Peachtree City occasionally contributes a column to The Citizen.]

Comments

S. Lindsey's picture

All we have to do is raise taxes on the Rich. When they FINALLY start paying their FAIR SHARE then all of our fiscal woes will be remedied.

Also once we go after those EVIL Corporations and finally tax at least 70% of their profits so that they contribute their FAIR Share then we will actually have a surplus to spend on things like Single Payer and Welfare for the needy.

We absolutely DO NOT have a spending problem we have a GREED problem. People who have more then they really need are greedy and just don't want to help educate inner-city youths so now that we have a mandate to tax and tax some more that is exactly what we are going to do.

So bend over and say THANK YOU.

"Whoever claims the right to redistribute the wealth produced by others is claiming the right to treat human beings as chattel."

-Ayn Rand

NUK_1's picture

Simply let the Bush tax cuts expire on ONLY those earning 250k or more and we're FLUSH! An extra 82 billion in revenue, hurray! Since we're consistently running deficits of 1 trillion+ annually, I'd like to know what math courses some of the idiots in this country took to make them so hopelessly ignorant to believe that this is any way "solves" something. It's just a token "stick it to the alleged rich and make them pay their FAIR SHARE" sloganeering, which is pathetic.

I kept waiting for Romney/Ryan to make a big point about this 82bil in extra revenue hardly being a panacea, but I guess they didn't because the next question from the media would be: "well, then what are YOU going to cut(or raise revenues) to wipe out that trillion plus?" and they were afraid the voters would hate to hear those answers.

S. Lindsey's picture

...on this point alone.. (Well maybe YOU can)

Every one of the Progressive's I have engaged on this one subject all stated or inferred that if the Rich would just pay their fair share then we would NOT be running deficits.

I cannot believe the lack of even the basic economic education in this Country.

"Whoever claims the right to redistribute the wealth produced by others is claiming the right to treat human beings as chattel."

-Ayn Rand

Most Progressives would listen to you and realize your incapability of having a rational discussion. According to you, you have all the answers. No point in arguing with that! Both 'sides' have rational ideas regarding our fiscal situation. Get the 'egos' out of the way and work! (Message to Congress)

S. Lindsey's picture

... As NUK stated above the "Tax the Rich" crowd which YOU are a part of just can not understand the absolute stupidity of your own beliefs.

On one hand you're intelligent enough to grasp that the debt is so large that simply "Taxing the Rich" is not enough that it truly is just a drop in the bucket...but...your ideology and slavish devotion to a party and the "Party line" prevents you from voicing that fact..you quickly parrot the talking point.

DM we don't hear about SPENDING CUTS from this Administration WHY?

We don't hear about what Military bases that have to close..WHY?

We don't hear about what Government Entitlements programs are going to be scaled back...WHY?

We do hear about raising taxes... WHY? Well because this bunch in DC have no real plans to STOP spending. This and this alone is why I say you and those like Jeff, Gort and Lion are delusional if you believe this can go one forever. I have actually asked one of you that very question and he answered with an emphatic....YES

You see delusional.

DM taxing the Rich is just a feel good Socialist propaganda talking point.

WHY?

Because it only taxes INCOME..Many "Rich" do not have a INCOME they have "Gains and Dividends" to live off of.

Obama and crew are NOT taxing WEALTH DM they know that Beyonce and Jay-Z wouldn't be so friendly if they were taxed at 70% of every Million dollars over the first Million they made. I can hear the Hollywood crowd scream from here if that happened.
I doubt they would be so friendly now would they?

DM I have never said I have all the answers..but.. I am a thinker. I am also a realist. It doesn't take a Rocket Engineer to see when something like "Tax the Rich" is just window dressing for a house falling apart.

"Whoever claims the right to redistribute the wealth produced by others is claiming the right to treat human beings as chattel."

-Ayn Rand

[quote]. As NUK stated above the "Tax the Rich" crowd which YOU are a part of just can not understand the absolute stupidity of your own beliefs[/quote]

As so many of your assumptions - wrong again. I do not qualify for the ‘rich’ label. Now for the other labels that I proudly wear (black), (female) – if you, the thinker tried to attack me on those labels, my assumption that you are racist and sexist would be correct – I have been accused of also making incorrect assumptions. . .so we won’t go there.

[quote]DM we don't hear about SPENDING CUTS from this Administration WHY?[/quote]

Either because you don’t listen or read!! Many different views on spending cuts. Just sharing a few.

http://www.cfr.org/united-states/defense-spending-deficit-debate/p26442?...

http://www.moneynews.com/StreetTalk/Simpson-Bowles-Obamacare-defense/201...

http://www.defense.gov/news/Defense_Budget_Priorities.pdf

[quote]DM taxing the Rich is just a feel good Socialist propaganda talking point.WHY?Because it only taxes INCOME..Many "Rich" do not have a INCOME they have "Gains and Dividends" to live off of.Obama and crew are NOT taxing WEALTH DM they know that Beyonce and Jay-Z wouldn't be so friendly if they were taxed at 70% of every Million dollars over the first Million they made. I can hear the Hollywood crowd scream from here if that happened.
I doubt they would be so friendly now would they?DM I have never said I have all the answers..but.. I am a thinker. I am also a realist. It doesn't take a Rocket Engineer to see when something like "Tax the Rich" is just window dressing for a house falling apart.[/quote]

WOW! Now that’s delusional – but if it makes you feel better – enjoy your spinning world.

S. Lindsey's picture

How much revenue will be raised by taxing the those evil rich people?

How much do we spend per year?

How much do we take in?

What is the deficit or excess?

btw- Show me what SPECIFIC departments, agencies, programs et..al.. that has been proposed to be cut.. Specifics DM not campaign rhetoric..

"Whoever claims the right to redistribute the wealth produced by others is claiming the right to treat human beings as chattel."

-Ayn Rand

You do the math! We're paying a Congress some pretty big bucks to figure this out!! Let them to their job!!

S. Lindsey's picture

...faced with facts you usually do bail...

"Whoever claims the right to redistribute the wealth produced by others is claiming the right to treat human beings as chattel."

-Ayn Rand

My reading comprehension did faulter. Sorry. My bad. Let's see you enlighten me with your arithmetic! LOL!

Now really - you must have something better to do = (like take the time to read the information on cuts in defense spending. I know you're a speed reader - but come on.

S. Lindsey's picture

It's FUTURE spending cuts.. not real cuts TODAY.

The proposal is for taxes to go up on high INCOME workers for a promise of FUTURE spending cuts..

Do you remember Tip Oneal? I seem to remember this "deal" being offered to one Ronald Reagan.

What happened? Well taxes went up on high income workers. Did those "FUTURE" spending cuts come to fruition?

NOPE.

So what exactly DM do you see it being implemented now?

All I have seen is SPENDING increases.. What do you think Obamacare is DM?

"Whoever claims the right to redistribute the wealth produced by others is claiming the right to treat human beings as chattel."

-Ayn Rand

Lindsey,

This 'president' has lied to us before and he will lie again in order to pander to the masses that yearn for another guberment handout.
It's the old bait and switcheroo. He promised to cut the deficit in half his first term and he more than doubled it. It stands to reason that whatever obama promises, it's a flat out lie and he will do the opposite.

You read it again big boy:

[quote]It's FUTURE spending cuts.. not real cuts TODAY.[/quote]

http://www.defense.gov/news/Defense_Budget_Priorities.pdf

January 2012

S. Lindsey's picture

...has those cuts taken place or are they STILL be discussed for FUTURE cuts?

...and yes at 6' 6" 250 lbs I am a "Big Boy" but I just have to wonder how big does the men grow in your country?

"Whoever claims the right to redistribute the wealth produced by others is claiming the right to treat human beings as chattel."

-Ayn Rand

Get a good nights sleep - your grammar is a little rusty . In my world and our country manhood is not determined by height - but my sons are taller than you ! LOL

S. Lindsey's picture

... and yep slept like a baby.

"Whoever claims the right to redistribute the wealth produced by others is claiming the right to treat human beings as chattel."

-Ayn Rand

kcchiefandy's picture

...do as DM says and TRUST THE GOVERNMENT! Good God, I spent 25 years in & around it and a gov't civilian employee, or contractor (one hired by a company who has a service contract w/ the gov't; the end result of not enough people joining the military) can be a HUGE waste of taxpayer $$ (not all, mind you; plenty of hard workers there, but PLENTY of the other end of the spectrum!).

Please share your solution!!

kcchiefandy's picture

...a 20% across-the-board decrease in the Federal pay scale, cut Congressional pay by 40%, and closure of numerous Federal agencies/departments (TBD, but like Education - a state function -, the EPA, etc...). I.E., shrink the Fed gov't and make it less lucrative to work for it. Then, the tax burden will be lessened and we can make serious inroads to reducing your grandkid's debt and re-strengthen our position of fiscal leadership throughout the world.

Can we get our 'leaders' to even look at this? Would like to see this in print!

kcchiefandy's picture

...unless we vote in those interested in public service rather than a political profession! There's too much $$ to steal being a part of an engorged gov't.

Hmmmm. Just thinking. Taking back some regulations 'disengorges' government?

Agree wholeheartedly about 'public service'!

kcchiefandy's picture

...more than SOME! How about 'debloating' the Federal gov't?!

Our leaders are working on that now! Have you sent in your suggestions?

S. Lindsey's picture

...have the will to make the hard decisions needed to fix this?

Year after Year they keep kicking the can down the road. With voters just keep on pulling the lever for the same ole same ole there is no need to.

Do you even know what is happening in Greece? Do you know how they got there?

We are doing the exact same thing.

Just before the "Great" Depression the Government made certain financial decisions and mistakes that caused the collapse. But remember it was Foreign banking failures that started the slide.

What's different now from then?

If you look back you would see we are today doing the same thing. DM we are headed for another even "Greater" Depression we are on a non-stop express train for Armageddon

btw- since you will not answer the original questions.. here you go.

[quote=S. Lindsey]How much revenue will be raised by taxing the those evil rich people?

How much do we spend per year?

How much do we take in?

What is the deficit or excess?

btw- Show me what SPECIFIC departments, agencies, programs et..al.. that has been proposed to be cut.. Specifics DM not campaign rhetoric..[/quote]

1. The CBO estimates that the proposed tax increases om the top 1% of Americans will generate approx $82.5 Billion Dollars.

2. The CBO estimates that the Federal Government will spend $3.54 Trillion Dollars in 2012..and projects the US Government to spend $4.2 Trillion in fiscal year 2013

3. The US Federal Tax revenue generation per year according to the IRS is $2.45 Trillion Dollars

4. <strong> The US deficit for fiscal year 2012 is $1.1 Trillion dollars</strong>. The CBO projects Budget deficits of a Trillion or more per year for the next 10 years.

So DM the Federal Government has added a Trillion dollars in debt for every year Obama has been in Office AND for every year he is now re-elected to spend in Office.

By the time Obama leaves we will have added over <strong>$9 TRILLION DOLLARS in debt</strong>. So please show me where those debt reduction bills are please.

"Whoever claims the right to redistribute the wealth produced by others is claiming the right to treat human beings as chattel."

-Ayn Rand

PTC Observer's picture

again, she doesn't care, and it's way too painful to acknowledge.

Just speculation, but my guess is that DM's extended family has a lot to gain from more government spending. Most of the political class does as you know.

Her children and her children's children will live in poverty right along with the rest of us.

Isn't that what the Congressional 'leaders' are discussing now? I bet, if nothing is done to stop the 'bleeding ' regarding this crisis, the 'right wing' is toast in 2014. Balanced revenue AND spending will work towards a solution. Expecting a healing to this crisis overnight is unrealistic. Jobs are miraculously appearing in some states. (I guess the plan was to attribute that to Romney's 'win'.). Oh well.
Consumers with jobs is an important part of the solution.

S. Lindsey's picture

Have you seen the latest jobs numbers? Have you even heard about all the layoffs and full time employment drop offs?

Wow what papers have you been reading... High Times?

"Whoever claims the right to redistribute the wealth produced by others is claiming the right to treat human beings as chattel."

-Ayn Rand

S. Lindsey's picture

"The Department of Labor has announced that new jobless claims rose by a staggering 78,000 in the first week after the election, reaching a seasonally-adjusted total of 439,000."

That's USA numbers DM...being a little dishonest aren't you.. trying to slip Georgia's numbers into the conversation when it's was about the National numbers...but then again that's expected of you isn't it Big Girl...?

"Whoever claims the right to redistribute the wealth produced by others is claiming the right to treat human beings as chattel."

-Ayn Rand

You have a fixation on the word 'big'? Interesting. Most people who live in Fayette County have an interest in what is happening in Georgia. - like the majority of people in Ohio expressed their opinion at the voting booth by what was happening in Ohio. Going to enjoy and watch the coming together of American leaders in the best interest of the American people. Keep us abreast of all the 'bad' things in our country that need correcting. We don't want to miss anything that needs a solution by a Congress that has our best interest at heart. Oops! West won't concede. Maybe he'll join those who elect to peacefully secede. Interested in what you think! LOL

It's fun guessing what issues you won't address. I've been right so far - a couple times I've been off, but others have you pegged.

NUK_1's picture

That's the commission that Obama engineered and immediately ignored their findings because it was politically too difficult and a little too accurate for a guy who was running for re-election and could care less about anything else whatsoever. Gosh, that wasn't the only commission he also brought together that were also ignored completely because there was a lot of pain in the recommendations instead of the stupid "why can't we just all get along, tax rich folks more, and everything will be fine" BS progressives advocate or their complete stupidity about how taxing the "rich" and bringing in an extra 82bil a YEAR will solve a trillion dollar+ spending deficit.

Remember the Group of Six? Yep, progressives and Obama fled from that immediately too. Obama's business leaders' group? Yep, totally ignored that too.......wouldn't make the lunatic left wing fringe happy at all if those ideas were considered.

Obama and the Dems have ignored every advice they have solicited and trumpeted as being "Bipartisan" cure-alls and now they have to simply own the train wreck they have created and want to push forward.

Share with us your wisdom. Why would Obama feel that it would be difficult to get his proposals through? Lunatic left fringe? What about the oh so intelligent 'right' fringe? (That lost us our credit rating) Well - lets see what happens this time, when the game isn't 'not let Obama serve a second term'.

NUK_1's picture

Here's a good analysis of the Bowles-Simpson committee's recommendations that is not an opinion piece:
http://www.cbpp.org/cms/index.cfm?fa=view&id=3844

Their actual blueprint had enough in it like getting rid of the tax cuts for those over 250K and getting rid of the mortgage deduction along with a host of spending cuts that made it a great plan, though politically treacherous.

I don't see Obama(or most politicians) advocating a realistic plan that they themselves didn't come up with in the first place, hence Bowles-Simpson,Obama's "leadership council" etc. get totally ignored. Even Obama had some praise for Bowles-simpson and Paul Ryan's blueprint but those were just words that he knew he'd never have to stand behind. He could not care less.

Some know the problem(huge debt that is growing way too fast and will get only worse in the near future)but few are ready to risk their political careers over the fact that action has to be taken. They'd rather dream of huge revenues suddenly falling out of the sky and making everything great. Just wait for the Fed to print more money and then sell that same debt over and over......sounds pretty familiar, huh? Think that was tried recently with disastrous results but let's keep doing it! What politician wants to be brutally honest that EVERYONE may have to suck it up some to get the US out of this downward spiral?

Notice how none of them are saying much about the 2% SS payroll tax exemption that is going to expire at the end of this year? On a 50K income, that means the worker is facing a 1K tax hike this year right out of their pocket. Repubs/Dems did quite a stellar job of not mentioning that at all this election season and neither believe that alleged "tax cut" should be extended since it takes away from SS and adds to the deficit. Amazing how this goes unnoticed.

[Quote]EVERYONE may have to suck it up some to get the US out of this downward spiral?[/quote]

PTC Observer's picture

DM here's some "wisdom", there is no way that EVERYONE can get us out of this downward spiral, the numbers just don't work.

Mr. Obama will spend even more money we don't have in the next four years, some estimates put it a $22 Trillion debt load before he finally leaves office. If so, we as a country will not survive financially. Watch Europe for our future DM. Everything you see there in 2013, will come our way by 2016.

We're all watching PTCO. Have a nice day.

Good analysis. Politics before 'service to the American people'. No surprise. But let's see if the leaders, Congress and the White House, can get it right this time. It seems the leverage has shifted - and the 2014 election looms. The political action that needs to be taken MUST be seen as action towards a balanced budget that includes revenue and cutting spending that reduces the deficit. Those who are seen as not working towards this end - are in trouble if they are up for re-election in 2014. The haters and ideologists are not in power - the Independents are. The tone of the Republicans and Democrats is changing. Let's hope it changes for the benefit of the American people - rather than the politicians.

Under discussion now - closing loopholes, etc. That hits the 'rich' in the pocket.

S. Lindsey's picture

..and why do you want to "hit the Rich in the Pocket"?

"Whoever claims the right to redistribute the wealth produced by others is claiming the right to treat human beings as chattel."

-Ayn Rand

I thought you said I'm part of the 'rich'. Just stating an opinion that would hit Byonce and JayZ. (I have no cards in that game - do you?) Come on SL - I expected a better response than that!! Disappointing. Have a nice day.

S. Lindsey's picture

I said you are part of the "Tax the Rich" crowd.. Re-read please.

"Whoever claims the right to redistribute the wealth produced by others is claiming the right to treat human beings as chattel."

-Ayn Rand

Robert W. Morgan's picture

Rifles, shotguns, ATV's, water, food reserves, Dish TV - what else does one need? Go ahead and try and take my gold/silver/mutual funds/tax-free bonds/etc. and give them to the moocher class. Ain't gonna happen, Prezbo. There's a lot more like me, believe me.

I have paid my fair share for 40 years. Now it is up to someone else to provide for the moochers. I am opting out.

Live free or die!

S. Lindsey's picture

I too have already executed my exit strategy.. Find a group that you can trust and fort up... I am.

"Whoever claims the right to redistribute the wealth produced by others is claiming the right to treat human beings as chattel."

-Ayn Rand

JeffC's picture

Stop by Glen Beck's place on your way and pick up some survival seeds.

mountain retreat? I don't think you will ever leave this area as you would go into withdrawals if you were not around to blog about our esteemed mayor. LOL

Robert W. Morgan's picture

Unfortunately, thanks to the ill-conceived, feel-good, liberal Community Redevelopment Act and Jimmy Carter, Barney Frank and Chris Dodd, Bill Clinton, Janet Reno and others the 2007 housing bust (which won't be over until after Rubio or Ryan is elected President) makes it very difficult to sell my house. But when that happens, I will simply move into a rental and keep my bags packed. I'm guessing the second dip of this depression/recession will occur about a year after the devastation of Obamacare becomes widespread - mostly businesses closing and massive job loss, not to mention maximum work weeks of 28 hours. Has anybody figured out yet that employers will not pay a full-time salary for a part time worker? The new normal will be 2 working parents who each have two 28 hour per week part time jobs. Of course single head of households have no hope at all under that scenario and that's when the rioting and looting begins. That's when the single mother with 3 teenage sons will have more of your stuff than you do.

I am in the mountains right now and today's chore is a trip downtown for some barbed wire for a second perimeter. Next spring the electronic outer perimeter. Next summer food and water reserves. You all just sit around waiting for the mayor and Kimmy and Skip to develop a plan to protect PTC from the looters. Me? I'll just take care of myself and my family.

And I'll probably still be there to watch the mayor get reelected or not. Difference is, I simply won't care.

Live free or die!

"Two centuries ago, a somewhat obscure Scotsman named Tytler made this profound observation: “A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury. After that, the majority always votes for the candidate promising the most benefits with the result the democracy collapses because of the loose fiscal policy ensuing, always to be followed by a dictatorship, then a monarchy.” (Daily Oklahoman, December 9, 1951) from Fred Shapiro, Freakonomics.com, 2009.

Bob

PTC Observer's picture

I think you have summed it up quite well.

“Experience hath shewn, that even under the best forms (of government) those entrusted with power have, in time, and by slow operations, perverted it into tyranny” - T. Jefferson

This is the next step in our democratic process and it will be predicated on the financial emergency and social unrest it engenders. It will take only four more years.

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