This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.
In contrast, America's entitlements are fiscally sound, needing only occasional tweaking to keep them steady-as-you-go for decades, maybe in perpetuity. But you'd never know it from bipartisan lying, regurgitated by managed new media deception.
America's Looming Debt Disaster
Worry also about financial expert/investor safety advocate Martin Weiss' assessment. Earlier he downgraded US debt to C-, the equivalent of S&P's BBB- or one notch above junk, heading for it eventually.
In doing so he said:
Regardless of the debt ceiling/budget debate charade outcome, "few will escape the far-reaching consequences of America's unfolding debt disaster."
Even if resolution is reached, "it could be just a dress rehearsal for the true tragedy of a nation unable to end its own financial decline any more effectively than a Greece, Ireland, or Portugal."
Why? "Among the 49 sovereign nations Weiss Ratings covers, the US has one of the heaviest debt burdens, the weakest international reserves, and the least stable economy."
More than any other nation, it depends on others for deficit financing, making up shortfalls by out-of-control money creation. The Fed, in fact, accumulated trillions on its balance sheet, making up for what foreign countries won't buy, plus trillions more in toxic debt, offloaded to them by Wall Street. Moreover, consumers are extremely debt dependent through mortgages, credit cards, and other ways they borrow.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
