Paul Volcker and Peter Peterson in the NYT, depicted the long term debt-laden ‘fiscal realities’ facing the U.S. as… fundamentally insurmountable.
Volker and Peterson do not have their free-market ‘thinking caps’ on.
Their analysis is not true at all when bold, fresh, outside-the-box thinking is applied.
ZeroHedge 10/23/2016: “Volker explains why the Fed can’t raise rates”
“The widely respected Congressional Budget Office has estimated that by midcentury our debt will rise to 140 percent of G.D.P., far above that in any previous era, even in times of war.”
US debt continues to grow, and as of Friday hit an all time high of 19,785,585,189,878.12, just $214 billion away from a nice, round $20 trillion…
“Our current debt may be manageable at a time of unprecedentedly low interest rates. But if we let our debt grow, and interest rates normalize, the interest burden alone would choke our budget and squeeze out other essential spending. There would be no room for the infrastructure programs and the defense rebuilding that today have wide support.”
US government debt is just a tiny fraction of total US liabilities and future obligations. How tiny? As the following chart from Bridgewater shows, it is less than 10% of the massive stack of US obligations that amount to well over 1,100% of GDP!
Volker and Peterson are viewing the world through their green-visored Central Banker eye-shades, jointly contending that a new, tough-minded, bare-bones, long-term government plan is the only possible answer to our debt-swamped fiscal future.
Government-orchestrated ‘solutions’ have done nothing curb the growth of public and private debt in America over the past 50 years. Why should we think now that a new government-driven solution, drowning in political side-deals, would ever provide even a shred of benefit to our current debt crisis.
We need a bold, fresh, ‘outside-the-box’ solution. And there is just such a solution, warmed up and ready to launch.
The Leviticus 25 Plan is a dynamic, free market economic growth acceleration plan with the raw power to generate massive government tax revenues and restore financial stability and economic liberty for millions of American families.
The Leviticus 25 Plan reduces dependence government, providing opportunity for millions of Americans to get their lives back in order, so that they no longer need social welfare benefits.
The Leviticus 25 Plan sets America back on course for balanced budgets and fiscal stability: The Leviticus 25 Plan: $1.135 trillion federal budget surpluses each year (2016-2020)
The Leviticus 25 Plan 2017 – $75,000 per U.S. citizen The Leviticus 25 Plan 2017 (1738)