|
| Tsunami warning |
| Tuesday, November 15, 2005 |
| Having just been through one of the worst hurricane seasons on record, we know how people respond to a warning if they understand the nature of the problem. There is a hurricane that will hit you in 3 days, with winds of up to 150 miles an hour, and up to 20 inches of rain. We strongly suggest you get out of its path. Most people - certainly more than a majority - agree to evacuate. An even higher percentage would evacuate if it were a tsunami warning, having seen what it did (without warning) in Indonesia.
In today's USA Today, economist from both the left and right warn of an economic tsunami. We have time to evacuate, but not a lot of time.
I hope you will read the whole story. It's not a perfect analysis, but it's pretty good, and it's easy to understand. To make a long story short, when the baby-boom generation retires, it will destroy the economy to meet the promises to retired people that exist in current law. The deficits we're running today are irresponsible, but they are invisible compared to the debt we will create during the baby boom retirement years. Today's debt is too high, but serviceable. Tomorrow's debt will crush us.
There is virtually no educated economist from either side of the political spectrum who disagrees with the warning. They only disagree on how to evacuate. Liberals believe we need to raise taxes to pay for the promises. Conservatives believe we need to downsize the promises.
There is absolutely no doubt in my mind that if we try to raise taxes enough to fund these promises to my generation that it will severely cripple the private economy that generates tax revenue. But I understand the American political system and its players well enough to be almost as certain that we will not evacuate properly. Millions will be destroyed by the economic tsunami, despite the warning.
Some folks will take the necessary personal steps to survive comfortably in spite of the widespread devastation. I plan to be one of them. I could spend my time and energy trying to convince Congress to do the right thing, or I could spend it preparing to survive when they do the wrong thing. I will choose the latter. If you are smart, you will too. |
posted by Jack Mercer @ 11/15/2005 06:27:00 AM   |
|
|
|
|
| About Me |
|
Name: Jack Mercer
Home:
About Me:
See my complete profile
"Snipet" (pronounced: snipe - it) is not a word.It is a derivative of two words: "Snipe" and "Snippet".
Miriam Webster defines Snipe as: to aim a carping or snide attack, or: to shoot at exposed individuals (as of an enemy's forces) from a usually concealed point of vantage.
Miriam Webster defines Snippet as: : a small part, piece, or thing; especially : a brief quotable passage.
In short, "Snipets" are brief, snide shots at exposed situations from a concealed vantage point.
WARNING! With due reverence to the Bill of Rights and the First Amendment there is NO comment policy on the News Snipet.
|
| Other things |
| Archives |
|
| Politics |
|
| Template by |
|
|
