President Barack Obama Message Board

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Politics : President Barack Obama

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To: Wharf Rat who wrote (70332)	3/7/2010 8:06:25 AM
From: Neil H	Read Replies (5) of 149317

I believe many of the issues pushed on this thread are idealistic but unrealistic in light of the country's financial predicament. Healthcare (as currently being pushed) cap and trade, etc Marc Faber in a Barrons discussion tells it like it is "The deficit will be above a trillion dollars a year as far as the eye can see. One day, Mr. Bernanke or whoever is at the Fed will have to increase short-term interest rates. When that happens, America's interest burden will go up dramatically. Interest payments could go to 35% of tax revenue in 10 years' time, but that is an optimistic assumption. I'm inclined to think 50% of tax revenue will go toward interest payments on government debt in 10 years. Then you are bankrupt. There is only one way out -- the Zimbabwe way. You will have to print and print and print." And our life savings are inflated away.....

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