Wednesday, January 18, 2017

The Collapse is Coming. But Who Cares?

GAO Marshalls Its Data to Warn Leaders of Fiscal Crisis
Excerpt: Set apart with an atypically colorful cover designed around a compass, the first-ever annual report on fiscal health from the Government Accountability Office warns the incoming president and congressional leaders that federal finances remain on an “unsustainable long-term fiscal path.” The 47-page compilation done in cooperation with the Congressional Budget Office combines the latest alarming macro-numbers with calls for action by Congress as well as specific remedies that can be undertaken by agency managers. (In a way, it's not really news that no one in DC has been truly fiscally careful for a very long time, there's plenty enough blame to go around for everyone. But the bottom line is that the envelope has been pushed too hard, too long, and we are in fact heading towards a cliff of sorts. It's time to slow the car down and start turning the wheel away from the cliff. Whether that will happen under this Administration is an open question. If not now, then in 2020 we really better get some people in office who will start making the serious and perhaps difficult decisions. Del. I warned about this years ago in "The Coming Collapse of the American Republic." Robert A. Hall
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