The TOTAL Credit market Debt profoundly dwarfs the Federal Debt.
We are approaching a zero crossing for Worth vs Total Debt
I vividly remember the day my grandmother (Grhs), a NYC public school teacher for 50 years, brought home a news article about a new business venture called “a VISA card”. It was about the time they were taking silver out of the coins. She could barely contain her amusement.
She then went on and predicted the next 50 years history with what was in retrospect amazing accuracy.
Only four decades?
More like eight decades, back in the FDR administration.
But still - does any previous action justify Obama’s fiscal insanity?
Duh.
Conservatives have been pointing this out for te last 40 years.
As a branch of the Fed oughtta know, it was renders inevitable in 1913. The watershed was 1932, of course, and the murder of the gold standard. The rest is trivial.
Heck, we haven’t had an actual balanced budget and no debt since, what, Jackson? Odd to say the debt problem derives from the 70s.
Uh, yeah...
BTTT
BTTT
Both sides are guilty. Only one side sees it as a problem. That’s the issue.
We’ve all been living WAY too ‘high on the hog’ for the entire length of my lifetime to date! ;)
Shortly after the welfare state started in earnest. Shocking. /s
Debt problem began in 1913 when the central government began taxing incomes. As if that wasn’t enough the president at that time, Woodrow Wilson, decided to involve this nation in a strictly European war.
Thus began the guaranteed decline of the USA.
bttt
So it’s not really Obama, Bush, Clinton’s fault??!!!
We are so detached from reality, Washington and the American people. They can’t even talk seriously about real cuts, just a slow down of an increase of the budget is cast as an affront to decency and people will suffer and die if the budget increases 1% instead of 4%.