Monday, May 24, 2010

No One Will Bail Out America as EU did for Greece

No one will bail out America as EU did for Greece; Sun

The European Union has put forth its rescue plan. The U.S. stock markets have stabilized. And the protests in Greece have receded from the headlines. All's well, right?

No, not even close.

The United States racked up an all-time monthly federal budget deficit for April, $82.7 billion in red ink, which was four times higher than the monthly amount for April of 2009. What's even scarier is that the feds usually rack up surpluses in April as people file their tax returns.

This past April, though, government revenues were down 7.9 percent from last year's amount. And the spending spree continues, with forecasts of at least $1.4 trillion in deficits for this year, putting prospects for a national debt over $20 trillion by decade's end very much on track.

To blissfully borrow amounts at astronomical levels is dangerous to the health of the country's economy. It is a disaster in the making. ...

Comment: Can we expect the US Senate to act responsibly and prevent a crisis that is barreling down on us and will be far worse than the Great Depression? Doubtful.

Is a $1.4 trillion deficit reason enough to repeal the 17th Amendment and return the states place within the Federal Government? Is it reason enough to put a responsible body back into Washington? Time to repeal the 17th Amendment folks.

No comments: