Pulled straight off of digg, and though I havne't done any additional research, it's looking like we may very well be on track to have some harrowing years ahead. I doubt we're even close to the stage Greece is at, but I am more than a little worried about how our long-term fiscal situation will be resolved. Unfortunately, the two most likely scenarios are that we'll try and inflate it away (I came across some economist articles detailing a growing movement to change the ideal nflation rate closer to 4%, from 2%), or blame the creditors for lending us the money in the first place.
Of course, there's always the comedy/atlast shrugged outcome: A national address detailing the moral obligation of creditors to lend to the U.S. at no interest, lest they be persecuted as democracy hating heathens.
U.S. Treasury facing higher lending costs.
1 reply to this topic
Posted 22 March 2010 - 03:08 PM
“Each player must accept the cards life deals him or her: but once they are in hand, he or she alone must decide how to play the cards in order to win the game.” -Voltaire
Posted 22 March 2010 - 06:13 PM
Adding the expense of a massive new healthcare entitlement isn't going to help the situation. It's pretty disturbing.
"As soon as A observes something which seems to him to be wrong, from which X is suffering, A talks it over with B, and A and B then propose to get a law passed to remedy the evil and help X. Their law always proposes to determine....what A, B and C shall do for X." But what about C? There was nothing wrong with A and B helping X. What was wrong was the law, and the indenturing of C to the cause. C was the forgotten man, the man who paid, "the man who never is thought of." "He is the victim of the reformer, social speculator and philanthropist..." - William Graham Sumner as adapted by Amity Shlaes in her book, The Forgotten Man.
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