Focus on solvency during this presidential election
By Paul Cross
Annuity National Brokerage Co.
This presidential election needs to focus on solvency — solvency of the people and solvency of the nation.
This presidential election is no laughing matter. Regardless of how the vote goes, America needs annuities and life insurance to help weather our greatest financial storm.
Every three minutes, an American family loses their home. American bankruptcies now total 6,759 daily, 281 every hour, 4.68 every minute. Home foreclosures now total 4,512 daily, 188 hourly, 3.13 per minute. Someone loses their home every 20 seconds – every 20 heartbeats.
Former U.S. President Herbert Hoover said, “… blessed are the young for they shall inherit the national debt.” And so we did, the now boomers and seniors inherited the national debt. We, the people, worked hard, saved and invested wisely. We created independent small businesses and jobs, while building the world’s largest and wealthiest economy. We built the largest housing developments with the largest homes ever.
We created a large windfall of tax revenue for all levels of government who could not manage a budget. Politicians spent us all the way into austerity and have created the synergy of the greatest financial storm.
We are in troubled waters and there is no easy bridge.
The national debt is now $16 trillion; Social Security is $15.9 trillion in the red; the unfunded Medicare liabilities now exceed $83.6 trillion and prescription drug liabilities $21 trillion. You and I each owe more than a million dollars — a million dollar debt that will continue to grow and will be inherited by our families for generations.
Former U.S. President Franklin D. Roosevelt said, “… we have nothing to fear except fear itself.” My fear is that we do not recognize the fear to fear.
It is the people, not the politicians, who make impossible dreams come true. The people will once again rise to the challenges; there is no other way out.