The truth rings like a bell. By amassing a debt load that can never be paid off and printing money to devalue the currency, Obama has made economic recovery structurally impossible.
At the moment we could recover. If Federal spending can be frozen at current levels, no auto increases, no baseline budgeting, no new clusterflock programs, no raises for ANYONE, no new out-go of any sort, National income growth could work down the debt. But that is the only way. If the federal debt doubles again, and it’s on track to do it within a few more Obamayears, then we are indeed done for and the only way down is default on the federal debt...Greece is doing it now. The Gleeks are writing the manual on restarting a broke gov’t. Their national income stream is so weak they can’t afford any debt so they are most likely going to default on the rest of their debt that they haven’t discounted 50% already. The Eurotrash banks know it’s coming and just hope it doesn’t hit them too fast. In this country Bill Gross (Pimco), the country’s biggest bond trader, announced some months ago that he was selling completely out of US bonds. For years I’ve been writing congresspeople to freeze spending-—you can see how well that’s working. But a few million more folks along with me could have an effect.