is so resplendent that-
Do catch it all. It is superb.
The government racked up $5.3 trillion in new fiscal obligations last year alone -- bringing the current unfunded tab for future expenses on things like Medicare, Social Security and military medical and retirement programs to a whopping $61.6 trillion, or $534,000 per American household.The above is from Michael A. Walsh whose article is appropriately titled Professor Disaster. We in India can understand as we are also suffering another academic in power, Dr. Manmohan Singh. For such academics, we the commoners are blocks to build the edifices of their (disastrous) social and economic theories and when the whole thingamajig collapses, as it always does, it ruffles not a hair of the professors' heads. Reality is too alien to those ensconced in the bubble of power. This is even more true of those that have entered that bubble from an even greater bubble -the hermetically sealed,close minded ivory towers of the academia.
Then there's today's bills: We're borrowing $125 billion a month that we have no hope of ever paying back on our current course.
The growth in GDP declined to a measly 1.8 percent in the first quarter of 2011 as consumers hung desperately onto their wallets. Job growth has completely collapsed. Fully 60 percent of the electorate thinks the country is on the wrong track. No wonder the daily economic briefing, once on a par with the intelligence briefing, has vanished from President Obama's schedule.
Heckuva job, guys.
And now Obama says he's not worried about a double-dip recession. Easy for him to say: For Americans not feeding at the government trough, the first recession never ended.
In the faculty lounge inhabited by the president and his credentialed playmates, the economy is a controlled experiment, with manufacturers and consumers mere lab rats who cheerfully respond to the prodding of their ivory-tower betters, no matter how many taxes and regulations are piled onto their backs.
Do catch it all. It is superb.