The Coming Deficit Disaster
http://online.wsj.com/article/SB20001424052748704888404574547492725871998.html?mod=djemITP#articleTabs%3Darticle
What do current economic circumstances have in common?
As one recalls how people who held bonds got battered in the far better economic climate of the 1970's, one is only left to imagine how many retirees (and particularly early retirees) will come to rue the days ahead in the economy.
It reminds one of the part of the Titanic movie after the ship had struck the iceberg but the Captain assured everyone there was not problem, so lifeboats weren't launched.
There are those who, as union leaders and followers, had no problem with the bleeding of GM (UAW) or the failure to teach children (40% of Washington's public school students were recently reported to not graduate from high school). Thus, they don't see a problem.
The administration and the Democratic congress clearly don't believe a problem really exists either. They are paying lip service and would like to have more jobs, but don't have the ability to see what the problem is. Red herrings are ever present.
Somehow it seems very similar to religion which relies on faith with or without results.
Those who see the travails a head are giving lots of warning. In a way, it's not unlike perhaps the survivors in the movie 2012. Even seeing what lies ahead doesn't guarantee survival.
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