Massive U.S. Debt

Panic on Main Street?

By Dr. Don Boys
Wednesday, March 3, 2010

U.S debt is massive, now well over $12 trillion; that is $40,000 plus for every person in America! It is not unthinkable or unprecedented although unlikely that the government could default and repudiate all debts including Social Security obligations, Medicare coverage, and military pensions along with all foreign debts. If that happened, millions of over-fifty people would storm the White House and Congress producing anarchy and maybe a Second American Revolution. Emulating the Reign of Terror in France in the 1790s, they might bring back the guillotine for procrastinating, privileged, and prevaricating politicians. Remember that the bloody French Revolution was precipitated by a looming bankruptcy as the politicians spent far more than their income. “But that could never happen here,â€