It seems like a strange irony. It's the most powerful nation the world has ever seen - militarily, at least. Yet its weakness economically is showing up in all kinds of places. Stubbornly high unemployment. Zombie banks. A wobbly stock market. Nasty foreclosure statistics. And debt - both public and private - out the wazoo, in numbers we cannot even apprehend. Can the two exist together? A powerful military coupled with a weakening economy? Probably not. In fact the question might be posed, why hasn't the whole thing collapsed already?
Yes, the U. S. government is bankrupt. There is no way it can fulfill its promises to future generations of Americans regarding medical care and old-age retirement benefits, let alone maintain its military presence around the world. And I've not even mentioned the cost of servicing the national debt - never mind paying any of it back which is not even on the radar screen. When I said the government cannot do it, I meant that. Not even with raising taxes.
It really is bankrupt and it sustains itself through its ability (so far) to borrow from foreign governments as well as to create money out of nothing in order to make payments on its obligations. When the first goes, the second will go, as they say, "to the moon." The consequences of essentially limitless money printing by the Federal Reserve to meet the financing needs of the central government will be devastating. Plan for it like your future depends on it, because it really does.
If you are planning your retirement based on the assumption that you will receive the same government benefits in your old age that your parents did, you are in for one horrible disappointment. For you, and millions like you, retirement will be repealed.
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