Let’s think about the kind of mess that we’re in. Federal 2010 Medicare and Medicaid expenditures totaled $800 billion. The projected annual growth of both programs is about 7 percent. Social Security expenditures are more than $700 billion a year. According to the 2009 Social Security and Medicare trustees reports, by 2030, 49 percent of federal revenues will go for Social Security and Medicare payments. The unfunded liability of both programs is already $106 trillion.

But not to worry. The Congressional Budget Office estimates that it’s possible to sustain today’s level of federal spending and even achieve a balanced budget. All that Congress would have to do is raise the lowest income tax bracket of 10 percent to 25 percent and the middle tax bracket of 25 percent to 66 percent and raise the 35 percent tax bracket to 92 percent. That’s a static vision that assumes that people will have no response and they’ll work just as hard and send more money to Washington. If Congress did legislate such tax increases, it would be the economic equivalent of committing national hara-kiri.

via: Walter Williams, Economic Chaos Ahead | Front Lines

Don’t get complacent about the economy. In spite of the numbers politicians are throwing around to show how our economy has improved [or not] we are sitting on that point in time where “it’s as good as it’s gonna get” for quite a while. Read about basic economics from sources that try to put things into the simplest of terms and you will understand that this is not the time to let go of your wallet or purse.

Plan, save, and work as hard as you can to get people who are fiscally conservative and sound at communicating the objective reality of our times elected to high office. Continue to work hard to keep them honest and open and communicating on a two way street. Work hard to get them focused on preserving and protecting individual rights in place of government power and fiat decision making. And last, but not least, remember admonishment number one: Don’t loosen your grip on your wallet.