GAO: "USA is living beyond its means"

Medicare and old people are going to take down the United States.

David Walker was asleep at the wheel while Bush ran up the deficit, and his friend gave him a plum job at a foundation just a few months before the crash. Excellent track record.

Search for "cbo proves debt"

The baby boomers really destroyed western civilization with their pinko ideals.

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In a sense your comment is an oxymoron; you say the US doesn't live beyond its means, but then add that it was living off riches that didn't exist. Which is it? =)

If US labor doesn't compete,you wouldn't produce anything at all. If they're not competitive, in a market economy, the would be put out of work. People are working. So that doesn't add up.

The fact is: you are quite simply spending more money, than you are making. You're producing, but you waste it on vanities, that don't last.

Spending $1 TRILLION a year can't be repairing anything! Peter Schiff is correct, we will see hyperinflation in the U.S. It doesn't even matter which political parties are in control when such spending is so out of control!

its time to embrace technology and stop living in manufactured scarcity.
the for profit system has failed and will completely collapse.
we need to build a robotic labor force, that is capable of repairing themselves.
the technology exists, the money does not.
so abandon the financial systems and embrace the resource based economy.
it is the only way.

What is wrong with this video? This jerk is blaming the baby boomers for going to bankrupt the monetary system. These people are used as escape goats! They have worked hard all their lives, contributed to the Social Security system so now they are told they can't collect their hard earned entitlements? That is just ridiculous. Why not harp on the main culprit of the out of control spending..... Its our government officials that can't stick to a budget!

The government officials you're talking about ARE baby boomers.
Of course you can't blame all the baby boomers, but it still is the baby boomers as a generation, that lived beyond their means, and need the rest of the nation to pay for their upkeep.

There's nothing wrong with needing someone to upkeep you in your old age. The problem is, that the baby boomers outnumber the following generations, meaning your GDP will plummet, when they retire. At the same time medicare costs will skyrocket.