“…That said, the question about whether or not the United States is destined to become like a third world country is fair. Elite — and not so elite — college campuses are microcosms of the new elite and reflective of the attitudes ingrained into a future generation of leaders. Few students question entitlements, even though they have effectively become a Ponzi scheme guaranteeing a crash in a not too distant future when those paying in cannot match those on the receiving end. The ballooning debt to GDP is neither sustainable nor wise. Politicians often prioritize the easy over the wise and ultimately they will deal with debt by default. One default makes further defaults easier as the stigma erodes. And the problem isn’t just national debt: unfunded pensions will ultimately force a showdown between an entitled government class and the private sector as to whether the latter will have to bail out the former.”
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