Wednesday, November 5, 2008


As millions of American voters stood in line for a chance to cast their votes today, their Federal government crossed a historic threshold on their collective behalf. The Federal debt quietly stepped over the 10 trillion dollar mark. The number is staggering, and one that neither candidate receiving votes today, had the courage to face or address amidst the flow of promises. During the campaign, neither candidate could confront the unfunded obligations forming the entitlement crisis.

Voters will cast votes today, in part reacting to what they believe is a disastrous administration, and in part hopeful that a new face in the White House will present them with a renewed confidence for tomorrow and the future.

Through the closing weeks of the Presidential campaign, loss of consumer confidence continued apace further suppressing home prices, and sinking car sales 31 percent in October compared to last year. These are significant events, and significant trends.

The next President will need to spend less time redistributing wealth, than steering the Nation away from self-indulgent borrowing policies, either personal or national. While the new President will have no choice but to lift spirits and morale of a stressed nation, his most daunting task will be to finally confront both the rapidly growing deficit, and the out of control debt. Even in the short time between his becoming President Elect, and his swearing-in, both the deficit and the debt will increase by a couple of hundred million dollars as the Treasury further taps foreign lenders to keep the nation afloat.

The degree to which the new President Elect takes the high road and makes hard decisions, will be inversely proportional to any blame he places on the previous administration for the depth of the nation’s economic disarray. One hopes the next President moves forward positively and without fear, doing the right thing right. The wall of massive debt requires it.

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