Caslon5billion saidWhat will be our next crisis after this economic mess....or along with it?
I think it will be the national debt. I can see that there could be a time rushing upon us when our ability to borrow fails and we are screwed ....or wake up owned and directly by others.
The national debt will be a huge problem late in the next decade as the baby boomers start putting tremendous strain on the entitlement programs (and yes even the baby boomers are going to get old and feeble, I can just picture Grace Slick as an 80 year old (shudder)).
From what I can gather from reading the business websites and the "Economist" magazine, some of the big fears are deflation or a significant depreciation of the US dollar. Another worry is that many of the big pension plans are now in tatters (I think it is the state of Illinois's pension plan that is only funded for 64% of its' future liabiliities). Government pension plans for its' workers will have to be buoyed up by tax increases, or re-vamped, or both.
First of all we have to get through the current crises before we start worrying about the next one. Now I think I will have a rum and coke to relieve my depression.