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August 24, 2009
Posted: 04:00 PM ET
FROM CNN's Jack Cafferty: More good news from our government. Friday the White House said deficits would climb to $9 trillion over the next ten years bringing the total national debt to $20 trillion a decade from now. ![]() The government also announced Social Security recipients will get no cost of living adjustments during the next two years. That hasn't happened since automatic increases were put into place in 1975. We can find hundreds of billions of dollars for AIG and Wall Street, but we can't give our senior citizens a small cost of living increase in their social security. When does the revolution start? We're in the midst of a recession not seen since the great depression. Millions of Americans are out of work, unemployment has soared to 9.4 percent. Millions of good paying jobs have been have been shipped overseas never to return. And the manufacturing base that was once the engine of our economy is on life support. We simply don't make "things" anymore. We are in debt up to our eyeballs to China and other foreign countries as we increasingly look to them to finance out deficit spending. And through it all have you noticed? There's no talk in Washington of cutting expenses or reducing the size of government. There are unfunded liabilities in the tens of trillions of dollars for Medicare and Social Security; and no plan for how to pay for health care reform. Add in the drain of millions of illegal aliens and the fact that many states are bankrupt. We're in serious trouble here. Here’s my question to you: How is the American dream changing? Interested to know which ones made it on air?
Simon from Orlando, Florida writes: J writes: Stacy writes: Graham from St. Joseph, Missouri writes: JM from South Brunswick, New Jersey writes: David from Oklahoma City, Oklahoma writes: Filed under: Economy Recession United States
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Jack Cafferty sounds off hourly on the Situation Room on the stories crossing his radar. Now, you can check in with Jack online to see what he's thinking and weigh in with your own comments online and on TV. Send your comments on the "Cafferty File". Jack's Book
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