Eyes on Social Media: It would do you good to follow @LupeFiasco today #occupywallstreet
Book Summaries: America’s Financial Demise
The last post on the current state of America’s economy and its irresponsible spending concluded with the realization that we operate in a new economy. We are no longer a free market system.
Though it may be difficult to look into the future, try to put yourself in 2024. If you are my age, then you will be in your mid-to-late thirties. Maybe a family. Maybe a business of your own. Maybe a promotion, or two, or three from where you are now. Maybe you are young, wealthy and free! Let’s be optimistic! After all, it is your life and your dream for 13 years from now. You control it!
If our government continues to spend as it is currently spending, we cannot be optimistic about our country’s future. The previous statement is based on research and common sense. As a history major at a pretty-darn-good college in the Midwest, I believe history does not predict the future. Nothing happens exactly the same way twice. In other words, history does not repeat itself! There is some science to that too…
Here is the deal: continually operating in a deficit plus compound interest makes things very predictable! If our government continues on this course, then it is going to be bad news for us and our country. As a quick, yet significant side note, our President submits a federal budget (spending amounts) then Congress approves and appropriates funding. Therefore, both can be held responsible when Social Security, Medicare, Medicaid, and interest on the national debt consumes 100% of Federal revenues by 2024!
As for Ethan Pope’s very valuable contribution, I do not agree with his direct application of history. His prediction is congruent with the information I present above. Pope’s argument is compelling, because he does his scholarly duty to provide a disclaimer.His disclaimer is that his prediction may be too conservative.