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Posted on 08/03/2011 10:02:07 AM PDT by Kartographer
The US is only a few years away from reaching the same debt levels that pushed Greece to the brink of ruin, former comptroller general and head of the Comeback America Initiative David Walker said.
As the ratio of its debt to gross national product eclipsed 100 percent and surged toward 150 percent, Greece has twice in the last two years nearly defaulted on its debt. Only successive bailout packages from the European Union and International Monetary Fund prevented catastrophe
(Excerpt) Read more at cnbc.com ...
At least we’ll have plenty of diners. I’m getting long Feta Cheese Futures.
3 years? If we’re lucky.
I’ll make sure to stop bending over.
That, or a prompt sea change in the socialist model of government that has descended upon America over the past century.
Yeah, I'm laughing my ass off at the likelihood of that second prospect as well....
And we still won’t bring the troops home. Empire!
former comptroller general
///
but there are lots of people here on FR,
that are much smarter than him, or Rush, or DeMint,
or Mark Levine.
people who assure us that with only 1/3 we couldn’t stop the debt ceiling from being raised, we couldn’t stop Obama from turning us into Greece, and that this was a good deal, and will guarantee our “victory”, in 2012.
nevermind that it commits us to 9 TRILLION more debt,
higher taxes,
(loss of Bush tax cuts, AMT, FICA, plus the real possibility of more actual increases, unless we agree to gut the military!),
less responsibility in Congress
(BUILT IN 5% increases, 2012 and 2013 budgets can be “DEEMED” passed without a vote, and much much more...)
they keep telling us to stop being so pessimistic, and “read the bill”, but the more we read, the worse it gets!
...i hope they enjoy their “victory” now, and in 2012.
because in 2013, when faced with a 17 trillion debt, double digit inflation and unemployment, and a lowered AA debt rating (raising interest on debt), there won’t be much left.
...look at what the stock markets and gold did, AFTER the bill passed. people in the REAL business world, know it’s a disaster. and little people like me, facing higher costs, and inflated currency, know it too.
It’s less than 3 years until the election. Get all the socialists out of office. Including their leader.
they even had the polls on their side.
we could have used that, to hold the line,
and make our stand NOW,
instead of 2 years from now, when it will be too late!
even CNN’s own poll, showed 74% wanted a BBA now.
and over 60% wanted large cuts now.
this bill “cuts” 1/10 of the INCREASE.
Boehner snatched defeat from the jaws of victory.
and now, instead of running as the party of princple in 2012,
the GOP has become an accomplice in the eyes of Americans.
I was grinding away at the numbers in the “compromise law” ,
the total savings between Today and Jan 1 2013 will be less than the new interest expense on the new debt issued between now and Jan 1st 2013.
Not only is this being sold as the gimmicky “reduce the rate of increase”, it doesn’t even reduce the rate of increase, meaning there is nothing.
Truth.
But I like feta and ouzo...
Ouzo is the black jelly bean of booze.
I feel like we may have lost our last best chance to save the fiat dollar. [Not that I was a fan of fiat currency, but the ramifications of lost confidence in our dollar will be very severe.]
Sooner than that, if Obama has his way.
Drudge is reporting a run on Greek banks. A sign of things to come?
US borrowing tops 100% of GDP: Treasury
(AFP) – 1 hour ago
WASHINGTON — US debt shot up $238 billion to reach 100 percent of gross domestic project after the government’s debt ceiling was lifted, Treasury figures showed Wednesday.
Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country’s spending commitments reached a breaking point and it threatened to default on its debt.
The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.
http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm
Interest Expense Fiscal Year 2011
June $110,536,850,221.63
May $30,858,726,707.77
April $28,895,123,159.28
March $24,460,282,823.69
February $21,759,253,957.26
January $21,122,729,715.18
December $104,700,174,845.03
November $19,396,316,137.56
October $24,142,491,931.22
Fiscal Year Total $385,871,949,498.62
The entire “reduction in the rate of spending increases” for the next two fiscal years was already spent just on new debt interest expenses, in the first 24 hours after the bill was signed.
And Republicans and Republican cheerleading talking heads are out there trying to cal this a victory.
This was the final dance of death for the US Dollar.
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