Front page on CNN: Glenn Beck: Warning Signs Missed On Economy.
Glenn has been going to great strides to encourage people to get out of debt, stop making stupid mortgage decisions like buying homes you can’t afford. Also, he and his family are encouraging people to buy up dry goods due to the considerable possibility that prices are going to continue to go up. He also says that bandaid policies aren’t going to help that we really need to go after our massive income taxes – currently we are rated 2nd in the world for highest taxes and rapidly heading to the number one spot.
Think about it as a series of waves heading toward the beach, with each one representing a different area of trouble. There’s one for slowing consumer spending (American Express said that spending among its affluent clients slowed for the first time since 2001); one for inflation (wholesale and consumer prices recently posted their largest increases in 26 and 17 years, respectively); and one for the continuing credit crunch (Citigroup recently announced its fourth-quarter loss was the largest in its 196-year history).
You can read and watch more about David Walker on U.S. Heading For Financial Trouble on CBSNews. “An Avalanche is Coming.”
“I would argue that the most serious threat to the United States is not someone hiding in a cave in Afghanistan or Pakistan but our own fiscal irresponsibility,” Walker tells Kroft.
“You know the American people, I tell you, they are absolutely starved for two things: the truth, and leadership,” Walker says.
“What’s going on right now is we’re spending more money than we make…we’re charging it to credit card…and expecting our grandchildren to pay for it. And that’s absolutely outrageous,” he told the editorial board of the Seattle Post Intelligencer.
Some stuff from the Glenn Beck program today interviewing David Walker:
” If our governmnent was a business it would be out of business.” The U.S.’s credit rating is crashing which means our country has bad credit and can expect to to have to borrow at higher interest rates. This basically means that our nation’s credit cards are maxed out. We could make changes to correct our course. Deficit spending is out of control and Washington MUST stop it’s spending. Medicare RX drugs is the most fiscally irresponsible costing us $8 trillion. $53 trillion is like each home owing $440,000 debt in addition to all the other debt that each household has. You could take all the income of the country and still not afford what is coming. This debt is about 90% of all income of every American – including Bill Gates.
Must bring back tough budget controls and no constraint since 2002. Must reform SSI. Dramatic health-care installments. We have promised $34 trillion more than we can currently afford. Reform social security, raise taxes. Taxes would have to be raised today by $11,000 per household to repair the damage. Currently 18% to 30% tax rate transformed to a consumptions tax instead of payroll which is already burdened. We have a 5 – 10 year maximum to reform ourselves otherwise by then, foreign players will lose their appetite for giving us money which will have no worth.
Candidates must start talking about it and this is VITAL for the burden of the next president. This has to be one of THE most important issues our candidates must face head on. They need to commit and admit that this is a big problem must addressed and must endorse a bipartisan committee to make it one of the most important issues of the next term. And by the way, no issues can be taking off the butcher table even Social Security. In a few years, we will have a 2:1 ration of people paying and receiving SSI. Clearly, there is no way that one person can retire and live off of the contributions of two people. As Glenn would say, “America needs to WAKE UP!!!!”
Mitt Romney also came on today’s program and is clearly the most amazing economic candidate we have. He has the experience to clean up the mess in Washington. Huckabee and McCain are big government folks. Good luck Mitt in the coming week, and we’re all rooting for you.