Ralph Waldo Emerson
From the blog Naked Capitalism is an echo from Newsweek that is worth a look to understand why the consternation about debt. The current debt is $12.9 trillion and amounts to over $40,000 per person in the US (Men, Women, and Children!). Given that 38% of Americans pay NO taxes, that leaves each taxpayer with $72,000 in debt. The reality is that there were 140 million tax filings in year 2,000, which means that the individual taxpayer debt is closer to $100,000 per taxpayer. The US is out of control. From Naked Capitalism:
Today, the American “empire” is also trying to consume more than it produces. The U.S. trade deficit is nearing Spain’s nadir of imports being double exports. Both government spending and private consumption are financed heavily by debt. Washington is printing money, the modern equivalent of digging gold out of the ground, rather than earning the means to pay its bills. And the political and military elites are apparently indifferent to the fate of domestic business and industry. Americans must learn … from the Spanish experience … and take corrective action while they still can.
http://www.nakedcapitalism.com/
Well, What do you think now?
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I can't believe Newsweek was a reference. Newsweek, the magazine that declared that we're all socialists now, Newsweek, Yikes!
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