The Sky is Falling, and it is All Bush's Fault

William H. Gates, the father of the richest man in the world, and not exactly poor himself, is famous for his left wing activism, but it looks like he now has crossed over into paranoia.

He picked Wall Street big shot Pete Peterson, who, Gates said, has warned against "the pending bankruptcy of the U.S."

His response drew shocked laughter from the crowd. But Gates wasn't kidding, and he would return to that theme later in the luncheon.

Gates said he is worried about a lot of things -- the Bush administration's tax-cutting policies at a time of war, the financial problems forecast for Social Security and Medicare and a national debt that appears to be flying off the chart as it is being underwritten by foreign governments.

Now personally I would like to see the deficit cut even more, but I think it is a bit of an exaggeration to claim, The national debt is "flying off the charts" and we are on the verge on bankruptcy.














Source: OMB

Besides, how can there be any problem with social security? When the president tried to reform it last year Paul Krugman and all the "experts" said there was nothing wrong with it.