Monday, January 17, 2011
National Debt: The Ugly Facts
Very relevant towards todays class discussion- the fall of capitalism. America has long been the poster child of a great economy, but now it appears that the collapse is inevitable.
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2 comments:
What an interesting and daunting article! There is no doubt that the Federal debt will be likely to hit 100% of the total economy in a decade or so. However, it is important to note that we as the country have dealt through this before in post-World War II. Unfortunately, our political parties were not as unified as it was back then so that's becoming more of a concern for the economy and the country as well. The parties must compromise sooner rather than later, otherwise, the economy will take a heavy hit.
Good news about our nations debt is obviously not going to be here soon. Although some economist have ideas about avoiding extensive global imbalances. Joseph Gagnon explains that economies with current deficits need to cut their fiscal deficits more than they are projected, and the account surpluses should reduce financial outflows. But the bad news of collapse does look unavoidable.
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