Wednesday, May 27, 2009

The Coming Actuarial Nightmare

"I would argue that the most serious threat to the United States is not someone hidng in a cave in Afghanistan or Pakistan but our own fiscal irresponsibility" -David Walker - Former Controller General of The United States of America

This video was made before the Obama bailouts and pork spending bills began, so things are even worse now with the Washington spending spree that we have seen and continue to see. We've already heard from Obama that we are out of money. (No worries though, we'll print up some more)

There's also a great website from Joseph DioGuardi, a former member of Congress and a CPA, and its called Truth in Government. He has a great book, "Unaccountable Congress, It Doesn't Add Up" You can even read it for free online.

Joe DioGuardi’s testimony to the Federal Accounting Standards Advisory Board (FASAB) is also worth watching.

Watch Joe DioGuardi Testimony to FASAB.avi in News  |  View More Free Videos Online at

We can't ignore this - Social Security is a huge Ponzi scheme. Medicare is unsustainable. Our children will be dealing with massive taxes to pay for all of this plus more, and including the staggering inflation that is sure to come, unless something is done. The continued spending and bailouts by the Obama administration is making this all much worse.

Meanwhile, the companies that Washington has spent billions to bailout continue to tank and go bankrupt. They may think that they have slowed things and staved it off for a little while - but the worst is yet to come.

There are people talking about this and sounding the alarms - I sure hope someone in Washington will listen, and I sure hope the public at large wakes up to this.