February 18, 2012
Ten thousand Americans retire every day, and leave insufficient progeny to pick up the slack. In effect, Nancy has rolled a giant condom over the entire American economy.
Testifying before Congress, Timmy Geithner referred only to “demographic challenges” — an oblique allusion to the fact that the U.S. economy is about to be terminally clobbered by 100 trillion dollars of entitlement obligations it can never meet.
And, as Chart 5-1 on page 58 of the official Obama budget “Analytical Perspectives” makes plain, your feckless, decadent rulers have no plans to do anything about it.
Instead, the Democrats shriek, ooh, Republican prudes who can’t get any action want to shut down your sex life! According to CBO projections, by midcentury mere interest payments on the debt will exceed federal revenues.
For purposes of comparison, by 1788 Louis XVI’s government in France was spending a mere 60% of revenues on debt service, and we know how that worked out for His Majesty shortly thereafter.
Not to worry, says Barry Antoinette. Let them eat condoms.
This is a very curious priority for a dying republic.
Barry Antoinette? I’m sure that’s somehow racist.