The U.S. economy, debt crisis, and budget woes are growing in size and scope. This week′s issue of TIME Magazine questions whether or not there ever was a recovery in 2009 as the unemployment rate rose due to continuing poor jobs creation. A recent CNN poll shows that only some 3% of voters think that the U.S. debt crisis is not a crisis at all, with 7% uncertain, the rest of the 90% believing it is problem. After a week of red ink from the Dow Jones Industrial Average, another poll shows that more than half the country thinks we could be in an economic depression within the next 12 months. Confidence in general with Washington and Wall Street is at an all-time low as people have lost faith in political and business leaders.

debt crisis

As one of those right-wing, Conservative pundits, it is easy for me to blog daily about how Barack Obama and the Democrats are ruining the country, given the state of the nation′s economy today. Indeed, a new book, Reckless Endangerment by Gretchen Morgenson of the New York Times (that′s right… a writer for the New York Times) puts much of the blame on Democrat politicians like Barney Frank and Chris Dodd for the 2008 financial meltdown. The free-spending ways and ever-growing entitlements are bankrupting the country, putting future generations into a uncertain world of indebtedness and servitude.

But, in many respects, it is unfair to solely blame Democrat politicians. After all, The United States is a republic, where our political leaders are democratically elected to represent us. We have seen Republicans join in on the spending spree, too, expanding entitlements and the size of government. Critics of the 2012 budget plan by Congressman Paul Ryan attack his proposed reforms of Medicare and Social Security, even though the effects of which would not kick in for a decade or more. Even among the Tea Party movement, a large percentage oppose any changes to entitlements like Medicare.

One would think in a rational world that people would not vote themselves into oblivion. Yet, that is pretty much what we have – a Constituency for Collapse. People who do not care about the consequences of a complete economic meltdown, but seem only interested in getting their fair share from Uncle Sugar. But the U.S. is broke. We’ve already blown past the so-called debt ceiling. On Friday, the head of China′s Dagong credit rating agency, Guan Jianzhong, said that “In our opinion, the United States has already been defaulting.” Other ratings firms, Moody′s and Standard & Poors, have been joined by Europe′s Fitch in issuing dire warnings on U.S. debt and fiscal policy. The end of the game is pretty close at hand.

Billionaire Jim Rogers, who has left the U.S. and moved his business and family to Singapore, gave his own warnings this week during a TV interview. Like many others, he believes that America, and Europe, are headed for a major economic collapse that will make 2008, if not the 1930s, look like a picnic. He points out that in the 1930s during the Great Depression, Americans did not expect help from the government. They just wanted a job to put food on the table. But now, our culture is completely different as nearly half of the country is already getting some form of financial assistance from the government. The trend is, if we haven′t already crossed the line, is that very soon, a majority of the voters will be receiving entitlements and will not elect anyone who might reduce or reform them.

As the economic news gets bleaker, and it will, the question arises whether the 2012 election cycle may be our last chance to solve the problem? To reverse the long-term trend and realize that the party is over. We simply cannot afford to continue to function as we have for the past several decades. The U.S. debt crisis has reached a point where even the more gentler, sensible plans, like the 2012 budget from Paul Ryan, will take a decade just to balance the budget and another 20 years or more to really start to whittle down the National Debt. Given how difficult it is to plan for anything beyond a year or two, it would seem to some of the more rational observers that any reforms are going nowhere fast. That the Constituency of Collapse have already rolled the dice and the results are snake-eyes. Bless their hearts, they may mean well and have good intentions, but the road we are traveling down is a path of doom.

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