While so many americans argue over whether it is the fault of the democrats or the republicans... the ship is going down! while $14T now, the gross national debt will be $17T by the next presidential inauguration, > 7 times the federal government's annual income.. there is virtually nothing to do in the short run to avoid that. whether the debt was created because of national defense, prescription drugs for seniors, high-paid federal employees, free healthcare, or welfare... it's our problem now. neither party can be honest with the voters, because virtually none of us want to hear the truth... and no one is willing to make the necessary sacrifices. our politicians are generally "bought & paid for", and so focused on re-election that actually solving problems gets in the way of staying in power.
funny thing with bubbles... everything looks OK, until all of a sudden, it isn't. 2011 bears remarkable resemblance to 2007. money is historically cheap. we are lending irresponsibly (to the federal gov't). and we are "hoping" that our economy will grow our way out of this fiscal mess. one big hiccup with interest rates or the international bond market... and the house of cards comes down.
funny thing with bubbles... everything looks OK, until all of a sudden, it isn't. 2011 bears remarkable resemblance to 2007. money is historically cheap. we are lending irresponsibly (to the federal gov't). and we are "hoping" that our economy will grow our way out of this fiscal mess. one big hiccup with interest rates or the international bond market... and the house of cards comes down.
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