Wake Up Tour

The upcoming mid-term elections in the United States are going to be very important to the future of America’s grandchildren. The debt that the US has acquired by government “thrift” and a couple of major wars overseas, has put the country’s red ink as deep as $8.5 Trillion, according to David M. Walker, Comptroller of the United States at the General Accountancy Office in Washington.

Walker, who has been trying to bring the issue of debt to the election campaign, says that it isn’t a particularly sexy issue so most people are looking the other way. Well, maybe that’s what the Bush Gang wants: Pacify the population with phony rhetoric about the little successes while ignoring the big picture. Trouble is, the longer you ignore the problem the more difficult it will be to solve it. When it comes to debt, especially in the United States, you can’t find a bigger one. The debt is so high that the unborn grandchildren of the American family will be paying for it in a generation. Some legacy ain’t it?

Meanwhile, the housing market bubble, where families have taken out first, second and third mortgages to buy SUVs and High Definition TVs et al, due to low interest rates, is leaking. Based on my research, including a conversation with my economic expert in California, housing values are on the decline. That means the value of the house or condo, an American family has invested in is going to fall. If that’s the case then the value of the US dollar is going to fall. And that’s where fun begins as people start to sell off their declining assets and scoop up as much cash as they can to pay down their debts and keep their houses warm.

Regrettably, nobody is talking loudly about the growing U.S. debt and what it could mean for its economy and the world. Unless voters try to change Congress on Tuesday, the Great Depression will take on a whole new meaning. As the slogan for a famous oil filter once stated, “you can pay me now or pay me later”.

That’s just my opinion. I could be wrong.