A letter to my Beloved Grandchildren
Dear sweet, innocent grandchildren,
I want to apologize to you for the failure of my generation and your parent’s generation. We have failed to secure your future by allowing 50 years of government waste. We have allowed our government representatives to recklessly spend America into oblivion, promising all sorts of giveaway programs, too many to mention here. Besides, by the time you reach maturity, all those wasteful entitlements will have gone up in smoke.
The reason they will be gone is because we voted for higher and higher taxes for funding until that avenue was exhausted. Then we let our governments at all levels to borrow creating a deficit of now over 14 trillion dollars, a number so high it can never be paid off. Now, very shortly our cities, states and federal government will have to bankrupt and default on these debts.
To make matter worse our federal reserve is printing so much paper money that inflation will devalue the dollar rendering it worthless. If you get your hands on some of these paper dollars, save them. They will be worth more as toilet paper than money to you.
Since the 1960’s I’ve tried to tell everyone including your parents of the folly of deficit spending, but I was always shouted down as being a nazi, racist, and other names. By the time you are old enough to understand, I will be dead and gone, but there are many books written on the history of this subject that you can read.
Last year some voters began to wake up and elected a new group to congress who vows they will stop all this insanity, but it’s too late. They want to balance the budget, but won’t be successful because there are too many people who still want their paper pork. Let’s say they did balance the budget, that would do nothing for the deficit which with interest is still growing. An economist recently figured that even if our leaders could somehow create a yearly surplus of $500 billion, that with the current low interest rates it would still take 40 years to pay off the deficit. But what if interest rates rise, as they surely will to get investors to buy more government bonds to refinance this debt?
Don’t worry about that my grandchildren because long before you are grown, the dollar will collapse and you will be left to pick up the pieces and start over. So will some of those of my generation and your parent’s generation, because the end is upon us all. If the internet is still around, you can read all the criticism I’ll receive for posting this letter. But this letter is for you and your generation not for all the current greedy naysayers.
Love and good luck,