The Sentinel watched Chris Wallace’s interview of conservative black Ben Carson on Fox News Sunday two days ago with great interest. I remain convinced that Mitt Romney is the best Republican candidate, but Carson did have som interesting things to say. I try to stick with principles and avoid pesonalities but, if Dr. Carson is to offer himself as a serious candidate, he needs to come to life. His manner was essentially comatose.
But to substance. What really caught my ear was Wallace’s incredulous question about a recent quote from Carson that the 2016 elections could be marred if not disrupted by civil unrest bordering on anarchy. The good doctor calmly stuck to his guns and replied that the debt situation was such that it could well lead to tearing of the social fabric. Finally, someone is telling the truth. I was more struck with Wallace’s incredulity than Carson’s answer. Where exactly does Wallace think we are heading?
The Fed is in a very tight spot now. They are slowing their printing of money for Treasury bond purchases, and after that they will slowly increase our artificially low interest rates. When they do that, the borrowing costs for the government will inevitably rise. No investor is going to buy Treasuries at .03% if they can earn 5% on Apple or GE debt instruments. According to the CBO, our annual interest payments on our $17.5 TRILLION debt could go from $250 billion to A TRILLION DOLLARS annually. The federal government will have no choice but to cut social programs like welfare, foodstamps, Medicare and Social Security. That’s not going to please some people, and one of the lessons of Ferguson is that unhappy beneficiaries of the entitlement state riot and loot. Hence Dr. Carson’s prediction, which could be right on the money, if you’ll pardon the play on words. According to him, out time is short. He may well be right.
SO SAYS THE SENTINEL.
National Debt: $17.758 Trillion
Annual Interest on Debt: $235.015 Billion (for now)
2014 Projected Budget Deficit: $549.861 Billion
Projected Entitlements Shortfall: $116.328 Trillion
THE UNITED STATES IS BANKRUPT AND, BUT FOR OUR PRINTING PRESSES, INSOLVENT.