"...Economic forecasters say future generations of Americans could have a substantially lower standard of living than their predecessors' for the first time in the country's history if the debt is not brought under control.
Government debt, which fuels the risk of inflation, could make everyday Americans' savings worth less. Higher interest rates would make it harder for consumers and businesses to borrow. Wages would remain stagnant and fewer jobs would be created. The government's ability to cut taxes or provide a safety net would also be weakened, economists say.
While much attention has been focused on the government's deficit-spending surge during the recession, many economists agree short-term budget overruns -- as ominous as they may seem -- are not particularly problematic.
"What threatens the ship are large, known and growing structural deficits," said
ABC News Feb. 17
It kind of gives me a warm feeling.
What about this?
Goldman Sachs Wants You to Pay-by-the-Mile to Drive on
On January 12, AFP interviewed Mike Robinson, the editor of the UK Column, a liberty-minded newspaper not unlike AMERICAN FREE PRESS.
“Road charging,” as it is called in
“It has been on the European Union agenda for quite a long time,” he added.
His comments came amid recent news of a radical plan to raise $200 billion by privatizing “the motorway network,” as Brits call it. The plan was presented to the three main political parties by NM Rothschild, the influential investment bank, British news sources say.
The Rothschild bank, called “an architect of several privatizations,” reportedly made its pitch in the weeks running up to the summer recess back on July 21, 2009. Bankers told leading politicians that the sale of the roads overseen by the [public] Highways Agency—all motorways and most “big trunk roads”—could help revive battered public finances. This is the same story Americans have been told…….
And how did
“Yes, large Wall Street investment banks, led by Goldman, started advising states across the nation on how to raise fast money by diverting the most necessary publicly owned assets—roads—into private ownership,” wrote Wallace. “You have to admit, it’s brilliant, because it’s a forced and guaranteed market: Americans can’t get out of driving.”
And as Daniel Schulman and James Ridgeway wrote in a scathing article, “The Highwaymen,” in January 2007, “Many similar deals are now on the horizon, and MIG and Cintra are often part of them. So is Goldman Sachs, the huge Wall Street firm that has played a remarkable role advising states on how to structure privatization deals—even while positioning itself to invest in the toll road market.”
This quick cash will not and is not designed to solve States’ structural financial problems. It enriches Goldman Sachs while forestalling States’ financial day of reckoning.
So, what Goldman Sachs really brings to the table – as evidenced in the example above - is sophisticated financial products for HUGE fees or profits to Goldman Sachs, which cause their clients to undertake big financial risk which likely weaken [think tapeworm] their clients’ financial position over time. Rob Kirby
Does anyone think this won't happen, even though our tax dollars already paid for those roads? At least it enriches Goldman Sachs. Based on the amount of loving attention given to this task by our president, that must be important.
Or this...
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