Entitlement America, Fiscally and Morally Bankrupt
If one were to make the claim that America is fiscally insolvent, as I've made numerous times, one would then have to ask themselves why. While there is no one answer to this question, there is one ideology that underlies today's reality. The "Entitlement Generation," a term thrown around characterizing today's western youth, has more to say about America's fiscal bankruptcy than any politician or campaign slogan could possibly utter. Yet, the entitlement disease in not confined to western youth. Rather, our youth are only the latest victims of an ideology begun nearly 80 years ago amidst the wake of the Great Depression. Four generations later, we are seeing its effects. Charles Hugh Smith comments:
"The entitlement mindset atrophies self-reliance, adaptability and flexibility, all key survival traits. If the government will "fix" our health, we no longer feel responsible in the way one does if there is limited government/employer-provided healthcare. If we expect our Social Security retirement regardless of what other conditions may be affecting the global economy or our nation, then we stop being responsible for managing our financial affairs in the same way as one does when there is no "guaranteed" retirement entitlement."
Yet, few American's recognize our current situation as an effect of the entitlement ideology, seeing it instead through the lens of the mainstream media and our policy hounds throughout Washington as a debate over the "social good."
Ask any politician interested in maintaining his or her Congressional seat what surrounds debates in Washington. They will quickly answer that they seek only what is best for America. Best according to who? The Washington ideology underlying much of its policies such as stimulus spending - both from the fiscal side (government) and the monetary side (the Federal Reserve) - never ending tax cuts, or a perpetually climbing debt ceiling is grounded on the false notion of an endless line of credit. We all saw that assumption severely weakened this year with the S&P downgrade of U.S. sovereign debt. Despite a jobless recovery, lack of lending from banks to businesses and consumers, and a still-floundering housing market, their ideology has not changed.Continued on the next page