Election 2008, Longterm Damage to US Financial and Economic Systems

Each of us has to vote on principles this year in the General Election/Presidential Election. Politics are continuing as normal, but even the Gen-Xers know that nothing will change in Washington. We watch TV and wait for plans and specifics of policies, but politicians hold out so that they can please the lobbies after the election. No promises to live up to. Nothing to explain when in office. Status Quo.

But what dangers exist in the budget and the unfunded programs ...and the unfunded National Debt of $10 Trillion Dollars? David Walker is the former Comptroller General of the USA. He has been trying to expose the folly of the Federal Budget and the future crash we have to expect. It doesn't matter what your age is. You will be effected by the Federal Budget and Tax burden. Currently we are only paying debt service, not paying off any of our debt. But that is not new...it is 30-40 years old as a US Policy. We use credit instead of dollars. just like we use dollars instead of gold. I know certain people only want to hear positive words when it comes to our government policy and decision...but. Hey, you laugh at people that live above their means as foolish.

One danger is evident in the falling value of the dollar overseas. Any organization that owns too much debt faces higher interest rates on loans as the value of debt increases risk. But now the foriegn countries that have been buying US Debt are now buying US Corporations and Property at discount prices due to the "Falling Dollar". Remember in the 80's when the Japanese scared so many Americans with their property ownership. It has happened before and that was when our auto industry was stronger...

Bear Sterns, Merrel Lynch, Lehman, AIG, Enron, World Com,....Keating Five, Jack Abramoff, Sub-Prime Mortgages, Financial Derivatives, failed corporations giving bonuses to executives, Legislative Transparency and Accountability Act of 2006, ...

According to Wikipedia:

The Lobbying and Disclosure Act of 1995 (2 U.S.C. 1601) was legislation aimed at bringing a level of accountability to federal lobbying practices in the United States. The law was amended substantially by the Honest Leadership and Open Government Act of 2007.[1] Under provisions which took effect on January 1, 2006, Lobbyists are required to register with the Clerk of the House of Representatives and the Secretary of the Senate. Anyone failing to do so is punishable by a civil fine of up to $50,000. The clerk and secretary must refer any acts of non-compliance to the United States Attorney for the District of Columbia.

According to Opensecrets.org

Number of Lobbyists
1998.....10,689
1999.....13,704
2000....12,760
2001....12,075
2002....12,344
2003....13,171
2004....13,416
2005....14,547
2006....15,571
2007....15,771
2008....17,107

I don't this these Lobbyist are working for you and me, except maybe the AARP. Politicians are rewarded and lauded for spending money. But there is no reward for balancing the budget, curbing federal spending, fighting earmarks, and reducing federal programs. Who will fight in Washington to fund social security, welfare, and medicare/medicaid? Who in the "Beltway" will pay off the federal debt for our children and grandchildren??

And the "News of the Day", who will implement current financial laws and reform US financial practices? The Answer: "We don't Know and We have heard no specific plans in this Election 2008".