Sunday, August 05, 2012
Happy anniversary America - Zero Hedge: "On the one-year anniversary of the US downgrade": "As of July 31, 2012 - with two months left to go in fiscal 2012 - US Treasury funded debt was already up by $US 1.14 TRILLION over the year to date. But there is something here that very few commentators have wasted any ink on. A year ago, the budget “deal” concocted between Mr Obama and his Congress was ballyhooing a “plan” to cut $US 1.2 TRILLION off annual budget deficits over a DECADE. Now, the projection for the 2012 budget is that the US government will add that amount to the funded debt of the US Treasury over ONE YEAR. This would be hilariously funny if it wasn’t so tragic." Emphasis in original.
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2 comments:
I don't know how old you are, but do you have any sense of what a wealthy, vibrant nation the U.S. was in 1970? The GDP in those days was one trillion dollars. We'd have to come up with the entire GDP of 1970s America sixteen times over, just to claw our way back up to being only broke.
And not a thing has changed in the U.S. or global economy since then.
P.S. I died on December 31, 1970 but I'm still pretty sure that's true.
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