David Stockman: "America has Reached the Point of No Return"

I am afraid he might be right. $14 trillion in federal debt and the Republicans are looking to raise the debt ceiling to occur more. How does a people pay off such a mountain of debt knowing the unfunded liabilities of the United States government in programs like Social Security are going to further bankrupt this great Republic?

Former Reagan administration budget advisor David Stockman has a shocking observance. As I have been saying, Stockman points out its just ridiculous to keep trying to justify a defense budget that totals 50% of the world's total military spending. Yet there are Republicans who think we should spend more on military despite complaining about outrageous federal spending.

From the Raw Story:

The Obama administration's $78 billion cut to US defense spending is a mere "pin-prick" to a behemoth military-industrial complex that must drastically shrink for the good of the republic, a former Reagan administration budget director recently told Raw Story.

"It amounts to a failed opportunity to recognize that we are now at a historical inflection point at which the time has arrived for a classic post-war demobilization of the entire military establishment," David Stockman said in an exclusive interview.

"The Cold War is long over," he continued. "The wars of occupation are almost over and were complete failures -- Afghanistan and Iraq. The American empire is done. There are no real seriously armed enemies left in the world that can possibly justify an $800 billion national defense and security establishment, including Homeland Security."

Short of that, he suggested, the United States has "reached the point of no return" with its artificial creation of wealth, and will eventually face a sharp economic decline.