Warning - think about reading it after the weekend... this is a depressing Friday read.
When George W. Bush took office, the U.S. had a budget surplus, were involved in no wars...
Today, the country has budget deficits approaching $2 trillion, is still involved in two wars of choice that have cost $900 billion to wage, and the national debt stands at $11.9 trillion.
In the last nine years, the politicians running the United States have managed to increase our national debt by $6.2 trillion, when it took 211 years to accumulate $5.7 trillion of debt.
The combination of easy money from the Fed, complete lack of enforcement of existing rules and regulations on the financial industry, reckless and fraudulent lending by the financial industry, waging of two wars of choice in the Middle East, the president urging citizens to borrow, spend and buy houses, multiple tax rebates, the addition of trillions in unfunded Medicare liabilities, trillion-dollar bank bailouts, trillion-dollar stimulus programs, national health care, and complete lack of energy strategy have created a perfect storm that has only just begun.
The country grows more pessimistic by the day as intractable problems that have been ignored or shunned for decades now must be addressed.
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