Today, if accounts are correct, President Obama will sign a bill that in name is called “American Recovery and Reinvestment Act of 2009” but in truth is probably the beginning of the bankruptcy of the United States. It is a bill that no Congressman or woman read in full, that contains over fifteen hundred pages of pork and government waste, that only 38% of Americans think will even help the economy with a full 53% thinking it will have little impact or actually hurt the economy.
Our budget deficit as a percentage of GDP is about to go from 4% to near 15%. We are rushing into a situation most of our leaders don’t even understand. When this has happened in the past, it has resulted in disaster for our nation. Eventually, as we fall farther and farther into debt as a nation, other nations will decide to stop financing our debt and then the result will be swift and brutal, far worse than what we are experiencing today.
When history looks back on this time, today could well mark the beginning of the end for a proud nation.