90 second news commentary heard on the American Christian Network
Listen to all the goings-on in Washington: raising the debt ceiling, taxing the rich, eliminating deductions for corporate jets. Wow! You’d think something really important was going on in congress!
I’m John Loeffler at steelonsteel.com and here’s how it seems to me.
Well I guess we should be impressed. The Democrats have agreed to 4 trillion dollars in spending cuts over a ten year period; and they’re promising that nobody’s going to touch Social Security or Medicare. Well that’s a start.
You see, if we divide 4 trillion dollars in cuts over 10 years and annualize it and compare it to the 1.5 trillion dollars we’re spending every year into debt; that’s less than a third of the shortfall every year. We need to get rid of all the deficit spending; but that is no longer possible. Congress is too committed to too many programs to do that.
The U.S. already owes 15 trillion dollars and do you realize if you spent a million dollars a day since the day Jesus was born you still wouldn’t have spent the amount of money that the U.S. government is in hock?
The reality of the situation is that the United States is rushing towards the mother of all economic storms and the politicos won’t tell us the truth, nor will they take the hard steps to minimize the impact of this inevitability. Everything, including Social Security and Medicare and the new healthcare will all be affected.
This economic storm is just months away; it will be far greater than the subprime mortgage crisis of 2007 and pastors need to pray about and begin preparing their congregations for that time right now.
I’m John Loeffler at steelonsteel.com and that’s how it seems to me.Read More