Tuesday, April 10, 2007

Candidates Ignore Looming Financial Crisis

Not a lot of commentary is needed on this one. The article speaks for itself.

But let me go out on a limb and make a not-so-bold prediction. None of the major candidates for the 2008 election will make the country's budget defictit a major issue - not a single one of them. Not Clinton, not Obama, neither will Giuliani, Edwards, McCain, or whoever else comes along. They'll talk about Iran, Iraq, terrorism, health care, immigration,etc. But none of them will talk about the huge budget and trade deficits that threaten to seriously damage, if not destroy, the American way of life.

The worst deficit, of course, is the deficit of leadership and political courage in our land today.

Great article here from Politico.com

One of the biggest problems facing the country in the next 50 years is an explosion of government debt.

Experts call it a "tsunami" of red ink that will swamp the country as it borrows more and more to pay for all the obligations it has incurred for health care, retirement and other federal programs. The multibillion dollar cost of the war in Iraq is but a small part of the problem.

This projected debt is calculated in the trillions. Bringing this planned spending into line with forecasted revenues will make for some of the most difficult political choices the country has faced in years...

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