I lived through the crash of 1929. At that time the national debt was $17 billion – $160 for every man, woman and child. Today’s national debt is $14.5 trillion – $41,000 for every man, woman and child.
Add to this the fact that the U.S, government has more than $50 trillion in unfunded liabilities – more than $120,000 per person person. If those figures don’t scare the hell out of you, I don’t know what will.
You and I dug this hole, and you and I will have to dig ourselves out of it. The only solution is to reduce spending across the board and raise taxes. I don’t like it any more than the next person, and I will be among those who suffer on both counts.
People believe times were terrible following the crash of 1929. You ain’t seen nothin’ yet. I don’t expect to live to see the one coming around the corner if action is not taken rapidly. I dread the thought of my grandchildren living under Third World conditions.