Does anyone believe with thirty-year government bond rates under 3% and growth projections under 3% for the entire economy that you can earn over 7% forever?

If you actually believe that, you probably are gullible enough to believe that if you just give trillions of additional dollars to the government they can control storms, temperatures, and sea levels forever. 

In 1974, Congress passed a very sensible law, ERISA (the Employee Retirement Income Security Act).  As with many other laws that the government requires of the private sector, Congress exempted all government entities from the act.  After all, just because you believe that companies in the private sector should be honest in reporting their liabilities doesn't cause politicians to believe that government should be honest.  It is just too much to ask.

Since ERISA was passed, the private sector has moved away from defined-benefit plans and to defined-contribution plans where there are no unfunded liabilities.  They have also moved away from lifetime health benefits because they can't control the costs.  Companies realized that they could not pass off these costs for retirees to shareholders and future employees.  These uncontrollable costs couldn't be passed off by raising prices to noncompetitive levels.

With no such constraints on politicians, they just continually hand off the costs to taxpayers and current and future generations.  After all, it gets them votes.  The more they can hide from the gullible public with the help of a compliant, uncurious media, the better. 

The big winners in this scheme are obviously the politicians themselves and government employees.  They get to goose their lifetime benefits and pensions, and the cost gets passed to others.  The politicians hand out the goodies.  Union workers have dues deducted, and some of that dues money goes back to politicians (mostly Democrats) to continually hand out the goodies. 

Politicians throughout the country hide the unfunded liabilities and pretend they are operating under the constraints of a balanced budget.  Isn't it amazing how much actual debt and how much unfunded debt runs up when they pretend they are balancing the budget?  It would be like an individual running up $10s of thousands in credit card debt but, because they have a positive balance in their checkbook, pretend they are living within their means.

Bernie Madoff went to jail for life for offering fake returns and using future investors' money to pay off the previous investors.  Politicians get re-elected and are not prosecuted despite the fact that their Ponzi scheme will eventually destroy our freedom and country as they promise guaranteed returns and use future employees and taxpayers to cover those promised returns.  Most incumbents get re-elected no matter how much they run up the debt on future generations and taxpayers.  That is a true shame. 

There has never been a country that could tax, borrow, and spend its way to prosperity.  We have a current president who wants to give the power, freedom, and the purse back to the people, where it belongs, and there are many Republicans, almost all Democrats, and most of the media who are out to destroy him and his agenda in order to maintain and increase the power that has been amassed over the years.