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Politics : President Barack Obama
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To: ChinuSFO who wrote (103715)10/31/2011 4:24:53 PM
From: RetiredNow  Read Replies (1) of 149317
 
Chinu,
you are far more optimistic than I am. I fully believe that the US situation will get worse until it explodes. I don't believe the leaders we have elected 1) understand how bad things are and 2) have the will to address it and 3) are willing to lose their jobs in the next election in order to use their current position to do the hard things that are necessary.

To whit, the debt Super Committee is focused on cutting $1.2 trillion in deficits over the next 10 years. That's $120B per year in cuts. Well, we're running a $15 trillion deficit over the next 10 years. That's $1.5 trillion per year. So these jokers are trying to sell to the American public the idea that cutting 8% of the deficit will be real progress. Well, that's just bullshit. It's a drop in the bucket.
Therefore, I believe we will continue to explode our debt and print money to finance our deficits until it all comes down around our ears. Only when faced with catastrophe will our leaders actually get their act together. By then, many of us on this thread will have lost 50% or more of our net worth. That is what I believe has the highest probability of happening. Actually taking substantive steps at bringing this country back from the brink of insolvency and hyper inflation is the lowest probability outcome.
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