for W3c validation
Sorry for the political rant, but I just watched 60 Minutes and was shocked by the US Heading for Financial Trouble? story. I knew our financial outlook was bad, but not THIS bad. CBS’s Steve Kroft spoke with David Walker, the comptroller general of the United States (top accountant), who went into detail regarding why America’s financial irresponsibility is threatening to bankrupt our country by 2040 — the largest problem being rising healthcare costs that are twice the inflation rate. With baby-boomers set to start becoming eligible for social security and medicare in 2008, the US will struggle to pay the costs. In short, US government expenses are more than revenues — and not headed in the right direction.
Would you feel good about leaving your children with several hundred thousand dollars in credit card debt when you die? I didn’t think so — which is exactly why I think it’s such bullshit that politicians are ignoring America’s financial future by using credit to pay for our nations’s expenses today. In the interview, Walker says, “What’s going on right now is we’re spending more money than we make…we’re charging it to credit card…and expecting our grandchildren to pay for it. And that’s absolutely outrageous.” And the reason politicians aren’t taking action to correct this pending crisis? It’s Always Easier Not To. Obviously, doing nothing is easier than doing something — but that doesn’t even slightly justify doing nothing when it comes to changing America’s spending habits, which are on a pace to bankrupt our country.
We should ALL be thanking David Walker for bringing some light to this issue.