There Is No Way Out

Saturday, July 14, 2012
By Paul Martin

It is nearly impossible for the average person to comprehend the damage the US government has done to the economy. Regulations have harmed business (and consumers). The welfare state is sapping the energy from the productive sector. Growth is below par and will continue to under-perform in terms of historic norms. The standard of living has slowed and will soon turn negative. Per capita income and wealth are stagnant or down. Unemployment is grossly and deliberately understated. It is difficult for the layman to grasp what has happened or that the future will get worse.

Easier to understand is the debt burden imposed on citizens. The numbers themselves are not comprehensible. Few understand what a billion dollars is. Even fewer have any understanding of what a trillion is. Nevertheless, the rate of deterioration is apparent as these debt numbers accelerate. Regardless of how much you understand, there is one thing that can be stated unequivocally: There is no way out of the debt problem other than massive defaults.

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