Wednesday, January 09, 2008

America The Bankrupt

GAO Head Warns Of Fiscal Troubles.

It is clearly evident the USA is headed towards economic bankruptcy. “The comptroller general of the United States says the nation is on the path to financial ruin unless the American public tells Washington to change its ways (NewsTarget). David M. Walker, head of the General Accountability Office, or GAO, is the nation's top federal accountant. With the voting season now in full swing as November approaches, candidates from both major political parties are talking up the standard issues that energize the public and encourage discussions, but no candidate appears to be talking about the state of the nation's fiscal prospects.

"This is about the future of our country, our kids and grandkids … we the people have to rise up to make sure things get changed," says Walker.” Walker is a non-partisan appointed civil servant. He was first appointed by republican president Ronal Regan. His remarks stress the need for broad changes to U.S. financial institutions and systems. I strongly believe that capitalism and the power of markets are not the solution. America needs more economic diversity implementing certain socialist elements to our broad profit driven economy specifically in healthcare in addition to establishing regulations in the energy (oil) and corporate sectors.
Former U.S. Federal Reserve Chairman Alan Greenspan warns “that the American economy might slip into recession by year's end.”

If we stop excessive spending now the nation’s economic stability can be salvaged ensuring continued growth. It is fact a Democratic president would more likely put the nation back on this track removing budgetary priority away from defense/military placing a greater than presently priority into domestic programs will create jobs, increase access and household income. How to destroy an economy? Rising gas prices, government borrowing for war, aggressive variable housing loan rates that always go up, and profit driven healthcare. Is there any successful country that has a completely capitalistic social and economic system? As of 01/09/08 $58 Trillion Dollars is the U.S. National debt.


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