A Tidal Wave of Debt Threatens Our Economy
Right now, America faces a tidal wave of debt that threatens to
destroy our economy and devastate the U.S. dollar. Without a sound
dollar, there is no long-term recovery and citizen-investors will
sit by powerless as the great enemy of inflation steals their
standard of living like a thief in the night.
As a financial expert and New York Times bestselling author, I
believe you, your children and your grandchildren deserve a sound
dollar. That's why I am heading up the Sound Dollar Committee — a
grassroots movement of citizen-investors who are standing together
for fiscal integrity and a sound dollar. Please take a moment to find out more about the Sound Dollar Committee and join with me to return honesty to our economy.
Just a few short days ago, the Congressional Budget Office (CBO)
became the first official D.C. source to open its bomb bay doors and
display the full megatonnage of the country’s acquired and projected
debt. The CBO projects that instead of falling substantially from
$1.4 trillion in 2009 (9.9 percent of GDP), the 2010 deficit would
essentially hold steady at $1.35 trillion (9.2 percent of GDP).
The massive 2010 deficit would be followed by another $980 billion
deficit in 2011 … $650 billion in 2012 … and $539 billion in 2013.
Total red ink through 2020: $7,400,000,000,000.
And if those numbers sound bad, try reading through the Obama
administration’s latest budget. It forecasts a whopping $1.6
trillion deficit this year — more than $200 billion above and beyond
the CBO’s numbers. That would come to 10.6 percent of GDP, the worst
in modern time. And over the next decade, the White House Office of
Management and Budget (OMB) forecasts $8.5 trillion in red ink.
Even these dire projections grossly understate the reality. They
assume relatively rosy growth — 3.8 percent next year, and more than
4 percent over the following three years. We’ve only seen a string
of 4 percent+ growth readings twice in the past three decades. The
projections also include assumptions about taxes and spending
discipline that won’t pass the test of time. They assume that the
stalled health care reform bill will “bend the cost curve” on
Medicare and Medicaid. If you believe that, I’ve got a bridge in
Alaska to sell you.
Bottom line: a never-ending wave of budget bombs is headed our way
that will drive the total U.S. public debt load inexorably higher —
from about $9.3 trillion in 2010 to $18.6 trillion by 2020. The cost
of servicing all that debt is projected to more than QUADRUPLE from
$188 billion to $840 billion!
We CAN still turn things around. We can pull our nation out of this
fiscal tail spin. But that will take real political courage and real
sacrifices. There is no easy way out. Right now, we are on a
collision course with financial catastrophe.
Latest News
Party Gridlock in Washington Feeds New Fear of a Debt Crisis (NYTimes.com – 02/17/2010)Senator Evan Bayh’s comments this week about a dysfunctional Congress reflected a complaint being directed at Washington with increasing...
Click here to read more...
Moody's warns US of credit rating fears (FT.com-02/02/2010)
Moody’s Investors Service fired off a warning on Wednesday that the triple A sovereign credit rating of the US would come under pressure...
Click here to read more...
Citizen Petition for a Sound Dollar
Due to the recent explosion of government debt and the sudden increase of the money supply, the fate of our entire economy has now been cast under a dark shadow of doubt. At risk is the U.S. dollar which now faces inflationary pressures that could rob citizen-investors of their wealth. Please sign our petition calling on the Federal Reserve, Congress and the Obama Administration to “cease and desist” the reckless policies that are threatening the future of the dollar and your investments.
Petition: Stop the Bailout Madness! (Over 70,000 signers)
If you are fed up with lawmakers and policymakers who are pushing our nation to the brink of bankruptcy with the greatest deficit spending and most burdensome bailouts in history, then please sign our petition. These petitions have already reached key leaders on Capitol Hill and will continue to deliver a strong message from citizen-investors: Stop the madness! Find out more.
How the seed to save America was planted 50 years ago
What if you planted a seed ... and waited 50 years for the seed to grow and reach its full potential? What would you think about it? Would you be disappointed? Not if it was an oak, which can take as long as 50 years to produce its first crop of acorns! And not if that "seed" could make a difference for a nation as old as ours! Find out more.
