Monday, July 12, 2010

The Coming Fiscal Crisis (Yes .... Another One)


Obama's Debt Commission Warns Of Fiscal 'Cancer' -- Washington Post

BOSTON -- The co-chairmen of President Obama's debt and deficit commission offered an ominous assessment of the nation's fiscal future here Sunday, calling current budgetary trends a cancer "that will destroy the country from within" unless checked by tough action in Washington.

The two leaders -- former Republican senator Alan Simpson of Wyoming and Erskine Bowles, White House chief of staff under President Bill Clinton -- sought to build support for the work of the commission, whose recommendations due later this year are likely to spark a fierce debate in Congress.

Read more ....

My Comment: President Obama has made his entire life a mission to do government service and the need for government to do more. He is not going to change and this commission will only rubber stamp his goal for more government spending .... but in the horizon we are now having this looming threat that will overcome everything.

If this crisis gets out of hand, more destruction can result from this than a full scale war between two major powers. The buildings will still be standing, the airlines and trains will still be running (maybe), but financially there will be millions upon millions of victims and casualties.

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