April 18, 2011 – Once again gold bullion is on the march, closing in on what many consider to be its breakaway point. I don’t put much stock in such figures, but Wall Street loves them. Regardless of the price point, it’s a pretty sure bet that gold will break away very soon as the hopelessness of fixing the deficit becomes apparent. Today we took one step closerGold bullion’s breakaway might be closer than you think. to that as S & P lowered its outlook for our economic condition to negative.

Even Paul Ryan’s Republican program-slashing alternative spending plan won’t produce a balanced budget within the next quarter century, and neither Ryan nor Obama has dared to project a balanced budget in their 10-year plans. A survey by Rasmussen Reports found “nearly two-out-of-three voters (64%) think they are unlikely to see a balanced budget in their lives,” and the number is even higher for workers under 30 years old despite their longer lifetimes.

Still, while nearly three quarters of those surveyed said a balanced budget is good for the economy, other results reveal a disturbing lack of understanding of what it would take to get there.

More than half of the respondents believe the budget can be balanced without raising taxes and only one in five said they are willing to pay higher taxes to cut the deficit. More than a third believe it is unnecessary to make any major changes in defense, Social Security, and Medicare – about the same number as those who don’t understand that those three things account for the majority of federal spending.

Most Americans don’t expect either party to come up with a serious plan to deal with the deficit. In 2008 we elected a President on the promise of change then two years later we voted in the Tea Party because we didn’t get what we were promised. But still nothing has changed. We’ve seen the Wall Street fat cats who got us into this mess blatantly line their pockets while our cost of living soars. Every day brings another insult to the working class, leaving them feeling worn out and powerless – and they just don’t want to hear any more bad news.

Sadly, many are going to suffer for it. No less than the collapse of social order is brewing, which is perhaps the strongest reason of all to buy gold bullion.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer - Gold-Bullion.org