The current Debt Crisis Painful Reality to Accept that America’s economic rein coming to an end
US is in decline politically and economically, with its military about the only thing that skews any thoughts of the US going quietly into the night – like Japan – in the face of rising Chinese growth.According to the IMF forecast, whomever is elected U.S. president next year — Obama? Mitt Romney? Donald Trump? — will be the last to preside over the world’s largest economy.(seetell)
The budget problem is very big and getting bigger. For the nine months of fiscal year 2011 to date (October 2010 to June 2011), the U.S. has paid out $386 billion in interest on the national debt. The government has had revenues of $1,733 billions. Its spending has been $2,705 billions. It borrowed $972 billion. That’s $2,705-$1,733.
Debt Deal An “Abject Surrender” By Obama…First, there will be big spending cuts, with no increase in revenue. Then a panel will make recommendations for further deficit reduction — and if these recommendations aren’t accepted, there will be more spending cuts.
- Cut $1 trillion spending/10 years.
- Reference to new revenue?