Doomsday Budget

As we have all heard, the proposed budget for the U.S. by the Obama administration does not look good for us, our kids or grandkids. And quite honestly, we believe it could lead to the bankruptcy of the U.S. Some people have asked me how that could happen? Here's a real simple explanation; assume a person makes $50,000 per year and has $500,000 on credit cards. Will that person ever be able to pay back that money when he doesn't make enough income to even pay the minimum interest payment? Of course not. The same thing can be applied to the U.S. government.

Some senators are trying to tell us this;

"The practical implications of this is bankruptcy for the United States," said Sen. Judd Gregg, R-N.H. "There's no other way around it. If we maintain the proposals which are in this budget over the 10-year period that this budget covers, this country will go bankrupt. People will not buy our debt; our dollar will become devalued."

Read article here; http://news.yahoo.com/s/ap/20090322/ap_on_go_pr_wh/obama_economy

To further complicate matters, the U.S. needs to borrow an enormous amount of money from foreign governments and investors. When those same people realize we are at the limit of what we can repay....they will quit loaning us money...and then we will be bankrupt even quicker if we have to rely on our own savings and tax collections.

When you rely on false gods...those gods usually don't last forever.