Skip to comments.Star Parker: Don't let America become like Italy
Posted on 11/12/2011 6:03:44 PM PST by AstralisLux
The Wall Street Journal calls the economic implosion now taking place in Europe "a crisis of the welfare state."
The latest European nation to hit the wall is Italy, where national debt is 120 percent of GDP. That is, for every dollar their national economy produces, they owe $1.20.
The Journal calls this a crisis of the welfare state because the Italian national debt is well in excess of the ability of Italians to pay its obligations and is the direct result of excessive government spending.
(Excerpt) Read more at speroforum.com ...
Not to worry, no one would ever mistake Veronica Lario for the wookie.
Huh? I’m trying to figure out what you’re saying. Please clarify ... I must be slow.
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Why don’t you look to see who Veronica Lario is. It’s a treat for sure. From there the connection is easy. Enjoy.
Star Parker, reading her book, today...recommened THE WHITE GHETTO. Sometime the truth makes us feel uncomfortable.
She says our national debt is 70% of our GDP? Our debt is close to 15 trillion and our GDP is 14.5 trillion. What am I missing?
Yikes.. I guess I was looking at pics from yesteryear. The culture of plastic surgery is not kind to those who indulge.
She was a beautiful woman once.
Looks a bit like Angelina Jolie.
“She was a beautiful woman once’’< A woman is only beautiful when she is loved.
Wow. Great column.
Unfortunately, so much of the pictures we see in all the various media forms have been "enhanced", that a whole lot of the beauty we see really just ain't that good. When is the last time you saw a picture of a celebrity with pores in their skin?
we are at 24 percent GDP and Italy has 120 percent GDP. I doubt that we will be like them anytime soon. However another thing is that we recognize the problem and are working it. Italy waited until they were beyond trouble.
I think you're way off on that. More like 100%.
Take a look here.
We are very deep in heap big pile of crapolla.
I thought we were too but during the debate they were mentioning 24 percent and that is why I thought, good we are not that bad. I hope that the candidates are right and you are wrong....no offense at all towards you.
Too late, We’re lost worse off because of all the failed stimulus spending. When inflation kickc in and it will, all the 401k accounts will become worthless. The federal reserve has already set in motion the events that have to happen.
No offense taken, of course. I would prefer to be wrong.
I didn't watch it, so I missed the context. But the standard way this is defined and used makes us at 100% of GDP. If they actually said that our debt was 24% of GDP then there was some serious lying going on. Or we have a real collection of dunces. It's simply our total federal debt figured as a percentage of 1 year's total output of goods and services. A 15 trillion debt compared to 15 trillion output equals 100%.
Now, figuring that our annual growth is nearly flat & our debt is growing at $1.5 trillion EACH YEAR, then it's pretty easy to see that in 3 years we will be at about 120-125%. Like a snowball rolling down a very long hill.
That is assuming that the economy grows at a modest rate and doesn't shrink. No guarantee there. A 1 point increase in interest rates will seriously jack up the cost of servicing the debt & with that the deficit. And that is pretty much inevitable unless the fed begins to print 100% of our debt. Then it's hello Weimar Republic, which is already moving from possible into the realm of probable.
No one can guess the scenario if (when) that happens in the US. The US is a *much* bigger domino than Germany or Zimbabwe were. The repercussions of our crash would (will) be so great that we really can't guess how it will play out.