POSTED: Tuesday, October 23, 2012 - 6:42pm
UPDATED: Saturday, October 27, 2012 - 7:01pm
Tyler, TX (KETK) — It seems every day we in the news media are telling you how much you are in debt.
It's either this much by family of that much per person.
I have to tell you, i have a hard time keeping it straight because their are so many surveys and so many numbers.
But, numbers be damned. Every thinking, logical person knows this country is in bad shape.
If you don't think that, I'm sure there is something on the cartoon channel right now you'd find more amusing because you are living on Mars.
It's time to trim and it's time to get to it.
This today from CNBC:
Marc Faber, author, says the debt burden in the U.S. and other Western countries will continue to increase.
He writes in the Gloom, Boom and Doom report told CNBC on Monday there will be a "colossal mess" within the next five to 10 years.
I believe him.
Are we so arrogant that we think it can't happen?
Faber goes on to say "I think the regimes will try to keep the system alive as it is for as long as possible, which means there's no "fiscal cliff," there's a "fiscal grand canyon."
Faber argued that the political systems in place in the West would allow the debt burden to continue to expand. Under such a scenario of never-ending deficits, the Western world would rack up huge deficits.
One day, the system would break, he said.
"Eventually, you have either huge changes occurring in a peaceful fashion through reforms, or, usually, through revolutions," he said. The U.S is getting closer to such a revolution, he said, as is Europe.
Bureaucracies in the U.S., as well as Europe, are far too big, he said, and are a burden on the economy.
"My medicine for the U.S. is: Reduce government by minimum 50 percent," he said. "The impact would be immediately an improvement in the economy."
Why can't we try?
That's my point of view, what's yours?