America is the best country in the world. For the last 200 years, everyone wanted to come to America. In America, we have freedom and opportunity available on an unlimited basis. Unfortunately, I fear the end is near.
What could bring down such a great country?
Over the last 50 years America has racked up an incredible amount of debt. And, it is predicted to double in the next 10 years. Since those are government statistics, they are probably not very accurate. Let’s say 5 – 10 years. Don’t believe me? Check this.
The National Debt Clock shows us our debt updated continuously. Currently it stands at $11 trillion, and the payments on this debt is $312 billion so far. The problem is that soon the payments on the debt will be so great that we will not be able to pay anymore. Then, one of two things will happen.
Either the government will default on the debt, which would cause massive financial shock waves throughout the world. Or, the government will print so much money that we will have hyperinflation. This could effectively wipe out the middle class, and also destroy all savings accounts.
In either case, the day of reckoning approaches. As President Obama spends money at fantastic rates, the speed at which that day approaches accelerates.
Are we doom-and-gloomers? Absolutely not. We believe that each person should be educated about what is happening, and prepare. If this event is several years off, then we can prepare now and survive and flourish in the financial meltdown.
What’s the solution? The solution on the individual basis is to get educated and find ways to thrive financially during the upcoming turmoil. The information available is unlimited. It’s a question of finding a good strategy and executing it.
What about on a national basis? Perhaps a constitutional amendment would improve the situation. Forcing the federal government to reduce debt by even a small amount (say 3%) could avert the financial disaster.
In any case, now is the time to prepare for the future. I don’t have any quick and easy solutions, but being aware of the situation and taking action to deal with it is a great start.