Submitted by Harry Hipps II (published in the Hickory daily record on 10/10/2008)
Those of us who were raised by parents who survived the Great Depression should be ashamed for not listening to the lessons they learned. They knew that we should save some money for a rainy day, don't waste and be thankful for what we have.
For years, individuals, corporations and government at all levels have spent all the income available and then borrowed to finance things we couldn't afford. Individuals read books touting the virtue of using "other people's money."
Corporations leveraged themselves to the max, and governments decided to create a program for every need and want rather than encourage self-sufficiency. Well guess what? The rainy day finally came.
Maybe now we will start living the lifestyle we can afford, pay off credit cards, save some money and demand that our government learns to do the same. The federal debt is $10 trillion and rising rapidly. Do you still believe that Social Security, Medicare and Medicaid will go on funding a comfortable retirement for all of us?
There are only three options. Raise taxes, cut benefits or inflate the currency. I believe they will inflate the currency. Raising taxes or cutting benefits is politically unpopular. There are no courageous leaders in Washington willing to tell the truth so the currency will be inflated.
Retirees will still get their $1,000 check from Social Security but inflation will be so high that it will only buy $500 worth of goods. So they will pay the obligations but it will not be sufficient to live on. People should start preparing now for leaner times.
Brother, can you spare a dime?
Harry Hipps
