One Veteran's View
By H. Lee Fisher
Our nation's national debt is publicly depicted as $19.1 trillion, which excludes entitlements, such as Social Security, Medicare, federal employees and veterans' pensions. Our nation's debt including entitlements, according to Truth in Accounting, is pegged conservatively at more than $87 trillion. There are insufficient federal resources to enumerate this debt obligation that our politicians created.
The risks posed by our national debt places this nation in self-destruct mode. Our politicians can continue to manipulate accounting records and conceal our real debt for several years, during which time the debt hole will grow deeper and corrective options diluted -- until Social Security payments are cut setting the stage for social unrest and third world style riots (as I view it.) Neither presidential candidate wants debt to be an issue for debate.
The missing link is when we will experience an economic implosion, which our politicians do not want to reveal.
When the two remaining president candidates debate, our national debt should be the prime topic. However, our true debt is likely to remain under wraps, unless public demand dictates it be placed on the table for discussions.
Failure to inform the public at large of our true national debt was not initiated by Obama. Lyndon Johnson created an accounting gimmick to conceal the cost of the Vietnam War. Every president since has employed this tactic to give the illusion of a sound economy. Both political parties have raided the Social Security and Medicare trust funds to deceptively project a balanced budget, placing these programs on life-support.
Liberty can not be preserved without general knowledge of the people. John Adams.
Our overriding debt is a precursor to an economic implosion which would undermine our economy, way of life and potentially our sovereignty. Hence debt should be the central political issue of debate, yet only one presidential candidate -- Ben Carson -- mumbled our long term debt as $200 trillion.
At this juncture there is little time to avoid national bankruptcy. To continue to conceal our true debt from the general public, by manipulating economic data, the opportunity to reduce the economic impact will be lost, resulting in an abrupt economic meltdown, significant cuts in pension levels and health care or abolishing these programs, and a plummeting dollar to paper trash. If our leaders establish our debt as a top priority now, the full force of an economic combustion can be delayed, providing time to reduce the debt and temper the shock of a change in our standard of living, and avert civil unrest and riots when social programs are slashed. What form of government will emerge from the ashes is problematic.
The fuse is ignited and short. H. Lee Fisher