We should all fear a looming, disastrous, debt-driven new recession.
Greece was not an isolated case of a national government living beyond its means. No, that problem — The Consquences of Irresponsible Deficit Spending (CIDS) — is certain to spread first to some of the other PIIGS nations: Portugal, Italy, Ireland, Greece, and Spain.
But now it is thought that England and the United States may also be in for the same consequences: austerity budgets which cause social dislocation.
The riots in Athens came from people protesting draconian cuts in government pensions. Greece had to make these cuts in order to qualify for the massive, almost-one-trillion-dollar-bailout from the EU and the World Bank.
The real story here is that western European socialism has virtually bankrupted all these countries. Germany and France are ahead of the game; they elected more conservative governments in the past several years and are already economizing, as painful as that might be.
Last week’s British election is yet another sign that belt-tightening is the new winning formula in elective politics. While the Conservatives did not win an outright majority of the seats in Parliament, they won enough to create the first unity government in over half a century. That government has pledged to reverse the increase in government spending.
Meanwhile, here in America, what does Obama’s Washington do?
It expands federal spending at a faster rate than at any time since World War II.
It increases deficits faster than all administrations preceding it.
It increases the national debt to an unfathomable $13.4 trillion.
Yes, irresponsible spending by Republican presidents and Congresses has greatly contributed to the mess. But Obama has only accelerated the trend — and at a time when history shows us it is a mistake.
There is no doubt that the next president — either elected in 2012 or 2016 — will have the unenviable task of actually trying to reduce federal spending, including the third-rails of American politics: Social Security and Medicare.
Because we are facing federal bankruptcy, hyper-inflation, collapse of the dollar, and a corresponding inability to maintain our national defenses and economic standard of living.
This is what the two major political parties have brought us to.
No wonder the tea party movement is sweeping long-time incumbents of both parties out of office.
And no wonder 80 percent of the American people do not trust the government, according to a new Pew poll.
Obama’s “change” has not been a change at all; rather it has been more spending at a time we cannot afford it.
The “change” is coming each Tuesday as Democrat and Republican incumbents are being thrown out of office within their own parties.
We are in the midst of a political revolution. The “old” politicians, the “old” media, the “old” pundits, the “old” ways are O.U.T.
The “new”? Well, ironically, the “new” is the oldest way of thinking of all. We — as a nation and as individuals and families — can spend only what we take in, we cannot live beyond our means, we must save, we must be modest and we must have self-discipline.
All these traits made America the envy of the world.
And all have been flushed away in a greedy, arrogant rush for immediate self-gratification.
That oft-invoked Day of Reckoning is indeed here.
America and Americans, are you willing to “change” your ways to regain America’s status as that Shining City on the Hill?
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