A recommendation to anyone who cares about the future of our troubled economy: take 30 minutes today and watch the video below. It's a shocking wake-up call that snapped into sharp focus the brutal world that my 3 year old daughter will inherit. And it explains - with amazing clairty - the national debt, the foreign trade deficit, the decrease in personal savings and the weakness of leadership in our country - past and present politicians included.
"By the time today's college grauduates retire, 40 years from now, the only the thing our government will be able to pay for: interest on the federal debt and "some" social security, medicaid and medicare benefits. All other parts of the federal government will be closed and out of business."
So...where do we go from here?
The United States is on economic life support and is probably going to go broke during my lifetime. My advice? Learn Chinese. Don't buy what you can't afford. Make smart, calculated decisions with your investments and your savings (retirement and otherwise). Ask for guidance from trusted professionals with proven track records to help you evaluate large purchase decisions.
What do you think we should be doing? What steps do you see yourself making to sidestep this looming disaster?