The future is all we have ahead of us. We need – globally and nation by nation – to take account of our governmental debt and entitlements. The world has never been in a position such as this with such stupendous debt and entitlements.
“Kicking the can down the road” has happened again and again. Our economic activity – worldwide – is suffering from this irresponsible behavior by many governments.
Japan – the third largest economy worldwide – is the worst in terms of its national debt/debt/GDP and the continual devaluation of its currency. But there are many other nations which have not taken care with their future – including the United States with 18.5 trillion in our national debt and unsound entitlements, not to mention student loans over a trillion dollars. But our own problems in the U. S. are only the start of it. There’s Greece, Argentina, Russia, as well as France and Italy that are suspect if not worse.
The debts and entitlements are pressing down – especially in the U. S. on the middle class more so than the poor who have safety nets or the wealthy who are doing well in the stock market and elsewhere. But people are people and I detest President Obama’s type of politics pitting rich versus poor and all his “lies.” His Obamacare, huge number of regulations and general and total incompetence have done more to hurt the middle class than one could have ever imagined in 2008.
To put it briefly, danger is ahead if governments around the world don’t come to this “fiscal sense.” Usually it takes a catastrophe to understand, not the ultra-slow recovery from the “Great Depression” in the U. S. – subject to reversal.
“Kicking the can” must come to a realistic and human stop. Remember, it was due to a deep currency and economic crisis that Adolf Hitler came to power; such a debacle could happen again.