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French Parliament Approves Raise In Retirement Age
The nation of France and other similarly structured European nations are a tinderbox. The same nations that were pointed to as reference models in the health care debates regarding what American should one day hope to become are now the same nations that are experiencing massive protests as their governments make the tough decisions to scale back on these programs that are sucking their treasuries into the red.
While America has a far larger economy than any of these individual nations in Europe our debt is far higher in absolute terms. Only the "credit rating" of the USA allows us to avoid making cuts to existing spending and leveling with Americans that we can't afford any more increased entitlements.
I attended the "Fiscal Wake-Up Tour" put on by the Concord Coalition about 3 years ago. This was a by-partisan group of economists and public policy experts that warned about the perilous condition that America is facing in the future. At that time they were not aware of the "Great Recession" that would later hit us in 2008. They were predicting an economic meltdown starting in or around 2015.
Just as the people in France are setting cars afire as they stand against increasing the retirement age from 60 to 62 there are people in America who are unwilling to reconcile their demands with the perilous conditions of the nation's fiscal condition. The easiest way for a fellow traveler to appease them is to have them focus on the wealthy or the corporations and how they are receiving bailouts or tax cuts from the government. The fact is that all of this is done with net DEBT MONEY. I learned from The Concord Coalition that both of these entities (the "Social Justice" advocates and the corporatists) are an equal threat to the US Treasury.
This intransigence in wills is why I believe that nothing is going to change in the way that people think until America experiences a fatal economic collapse. I am not hoping for it. I will be negatively impacted by it. I am only saying that we are doing everything necessary to arrive at this point.