DEPRESSION UNAVOIDABLE

Spending from 2003 to Present

Democrats argue that they are just 'cleaning up the mess' Bush left.    The fact is, unemployment has risen despite crippling spending.

Quoting John Rubino 

“The sad truth is that there’s no fix for the mess we’ve created — at least nothing on the menu of politically feasible options. The vast majority of the politicians and voters in the US, Europe and Japan don’t yet understand what’s coming….

And even if we did wake up today, the damage is already done. The US total debt (federal, state, local, consumer, business) now comes to nearly $800,000 per family of four. And that’s not counting a similar amount for unfunded Medicare benefits and who knows how much in derivatives liabilities. So a painless fix is no longer possible. Our choices have narrowed to only two: a crash that will dwarf the Great Depression or a hyperinflation that wipes out a whole generation’s savings…

Today’s debate over federal spending and taxes is just so much fantasy. We’re like a family arguing about redoing the kitchen while the house burns down. It’s an irrelevant, annoying discussion. The interesting debate will take place after the collapse, when we have to decide what kind of society to rebuild from the rubble. Then we can argue for limited government and individual rights and sound money and all the rest. Politics will be interesting again!”