Now that the Debt Ceiling has been raised once more, some are saying “Crisis Averted.” We should consider what has taken place to be Crisis Postponed since under the most optimistic projections I have seen to date, America will increase its total debt by $7 Trillion over the next ten years. I just returned from Turkey and Greece. The contrasts between the two are startling; Turkey, with a population of 79 million people and Debt to GDP of 48 percent is prosperous and has a stable government. Greece, with a population of 11 million people and a Debt to GDP of 144 percent is in chaos with massive political as well as civil unrest. Both countries have unemployment rates in excess of 12 percent. The American middle class is in dire circumstances. They have lost more than half of their saving (reserves) in the current Real Estate Depression. Since they are the people who lost all of the jobs (not the rich or the poor) their current unemployment rate is over 12 percent (9.2 Official divided by 75 percent=12.25 percent Actual), or if you take the real unemployment rate including those who have given up or are underemployed the rate jumps to over 22 percent (16.6 percent Official divided by 75 percent=22.13 percent Actual. We are currently ruled by representatives of the extreme poles of politics, social issues and business but our nation will rise or fall based on the health and prosperity of the middle class also known as the silent majority. They are not well represented in our current political system. It is one thing for Greece to suffer economic collapse and a different thing for the leading nation in the world to do so. Be silent at your peril. Pray that our nation finds its strong center and moves there quickly, before it is too late.
Ambassador Mark W. Erwin
Ambassador Erwin served as U.S. Ambassador to the Republic of Mauritius, the Republic of the Seychelles and the Federal Islamic Republic of Comoros from 1999 to 2001. He is the President of Erwin Capital, Inc., a family-owned investment company located in Charlotte, North Carolina.