Debt Alone May Lead to US Collapse Within 5 Years
WASHINGTON: Obama released his budget yesterday as a Valentine’s Day present to the US. His $3.7 trillion budget includes a deficit of $1.1 trillion. Obama’s proposal includes “tough choices and sacrifices,” which he asserts will bring about a reduction of the budget deficit in years to come. Such nonsense is all too readily trumpeted by the news media and too easily swallowed by the American public.
The reality is quite different. Budgets decisions are made from year to year, and no Congress or President today can dictate the actions of a Congress or President in the future. The only thing we can count on is that this year’s budget will increase our national debt by at least $1.1 trillion.
Such reckless spending may be in itself the precursor to the economic collapse of the US, according to Niall Ferguson, the Laurence A. Tisch Professor of History at Harvard University, resident faculty member of the Minda de Gunzburg Center for European Studies, Senior Research Fellow of Jesus College, Oxford University, and Senior Fellow of the Hoover Institution, Stanford University:
Throughout history the rise and fall of empires isn’t slow or cyclical, as we like to think, but arrhythmic…it mostly happens very, very suddenly. America is a superpower on the edge of chaos. U.S. debt levels and its unwillingness to address the problem, has put it in the same category as other great empires which have collapsed throughout the ages.