More and more economists and economic researchers are predicting a major stock market crash due to our governments continued failure to immediately address our drastic debt problems.
Highly respected researcher Harry Dent, founder of H.S. Dent and The Dent Method, says it's coming by late this summer. Cites the continued printing of money by the Fed to pay interest on the debt, further devaluing the U.S. dollar. (see previous posts)
According to Stephen Moore in the Wall Street Journal, more Americans are now employed by government at all levels (fed, state, local) than in construction, farming, fishing, forestry, manufacturing, mining and utilities COMBINED! Half of the total of 2.2 trillion in state and local government debt is for pay and benefits (including retirement) of employees. That's right, government is the single largest employer in the country. If that doesn't scare you, I don't know what will. It's one of the reasons we now have 53% of the people supporting the other 47%.
I say again: This CANNOT continue. It doesn't work. We are seeing the results of this tremendous growth in government now - state, local, and our federal government on the very precipice of bankruptcy.
And again I say: This is the most critical time in the history of America since the Civil War. We cannot allow self serving political power mongers to continue on this path. PLEASE, PLEASE,
stay involved. You don't have to write a physical letter or even make a phone call. Use the resources at the top of this page to find your particular Representative and Senator and dash off an email. Simply tell them they MUST support the Paul Ryan budget proposal or they will lose their job come Nov. 2012. (See prior post). Ten minutes of your time to be part of the solution instead of part of the problem.
Thanks,
Dumb Farmer
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