H L Quist - The Myth Buster

Our FEATURE today focuses on a subject that most Americans brush off as impossible or highly unlikely. John C Cogan, a Sr Fellow at Stanford University's Hoover Institution, in his book "The High Cost of Good Intentions" reveals that bankruptcy is inevitable unless there's drastic efforts to ameliorate the out of control entitlement programs in the US. He assists The MYTH BUSTER in de-bunking a well established myth. Defense spending is NOT the cause of these massive deficits that will exceed $1 trillion in this fiscal year. In fact defense spending is only 4% of our current GDP whereas entitlements are 23%. The problem Cogan asserts is that "Congress has no stomach for entitlement restraint." The US Treasury is having difficulty finding buyers for its' debt at current yields. Covering these deficits will become impossible as the USD sinks and loses its' position as the world's reserve currency. Other topics include: IP Watchdog: The DOJ argued at the US Supreme Court that patents are a public right, Home bui