Wednesday, January 25, 2012

The debt iceberg ahead

Lee DeCovnick

Our exploding federal debt looms out of the ocean mists like the iceberg that ripped open the hull of the Titanic. This nations fiscal insolvency and the Titanic's maiden voyage have too many uncomfortable parallels. Captain E. J. Smith ignored seven different iceberg warnings including one warning received from the California, stopped just 19 miles from the site of the collision.  The two lookouts that fateful night didn't even have binoculars.  We cannot touch or see the Federal debt, but thanks to an opportunistic German seaman with a camera, we now have a picture of the most famous iceberg in history.

No comments: