american thinker ^ | 4/22/11 | mac mcdowell
Posted on Friday, April 22, 2011 9:06:31 AM by bestintxas
Three reports have been released this month that all come to the same conclusion; we, as a nation, are about to go down the drain economically if the Federal Government cannot bring its spending habits under control.
First it was the Pew Charitable Trust with its addendum to the No Silver Bullet report; then the International Monetary Fund's World Economic Outlook; and finally Standard & Poor's Ratings Service which lowered its long-term outlook for the United States' sovereign debt to "Negative" from "Stable." But this is old news as far as reports go.
Last July the Congressional Budget Office issued a report that compared the United States with Greece and Argentina. The report, entitled Federal Debt and the Risk of a Financial Crisis, said that financial collapse could happen suddenly and without much warning. But even this report was out of the starting gate late. Fiscal conservatives have been saying this as far back as the Reagan Administration.
Despite the deafening chorus of think tank harmony (a rare event indeed), liberal pundits and administration officials are denying the reality of the risk. The danger here is that they all probably believe their own propaganda over the well researched studies from these reputable organizations. They call that denial.
(Excerpt) Read more at americanthinker.com ...
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