One of the best articles I've ever read:
"To rely on government to clean up the mess that has been made is a little like relying on an out-of-control bully to bring harmony and discipline to the classroom. It's not likely to happen. America's financial house is in disarray. Its unconstitutional progressive tax structure has been crying out for reform since World War II. Even the nation's Treasury Secretary Timothy Geithner is a tax cheat. Meanwhile, thanks to the Federal Reserve, the dollar has lost between 95 and 99 percent of its value in the past 100 years. So much for the idea that the Fed is an "inflation fighter." Inflation "maker" is more to the point.
Various states (large ones like California) are starting to "formally" go broke. Other states and municipalities, facing tremendous budgetary problems, are beginning to cut what have been considered vital public services such as public education and police and firefighting services. Even the most sacred of cows â?? the municipal pension â?? may be in danger. What happens if municipalities simply cannot pay? If the till is empty, promises cannot be kept.
Here's a number to startle you: America's debt may not be US$13 trillion (the normally quoted figure) or even US$50 or US$100 trillion â?? figures that emerge when some unfunded liabilities are added in. According to U.S. economist, Laurence Kotlikoff, America's national debt is $200 trillion, when Baby Boomer demographic demands are calculated â?? including Social Security, public union, pension and health-care demands on the public purse. That's a mighty big figure. America, in fact, is destitute.
It's no surprise to us."
Hard to argue with numbers and literal facts.