Sunday, December 30, 2012

Spent too much over christmas – join the club!

The US 'cliff' - one small part of a huge debt crisis

A nice article on why the US has gridlock.

Posted by alan @ 08:09 PM (1992 views)
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5 thoughts on “Spent too much over christmas – join the club!

  • No discussion of how the US spends the borrowed money (e.g. $700bn a year on the military) or who pays the taxes (e.g. ‘a billionaire pays less tax then his cleaner pays’). Also he seems to conflate ‘Keynesian policies’ and QE.

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  • The author works for “prosperity capital management”. Hmm… The article contains a number of dubious assertions. Perhaps the give-away one is that since USA’s debt to GDP ratio is now 102% up from 75% a few years ago “debt creation at this pace simply cannot carry on.” At one level this is trivially true (it can’t go on indefinitely) and at another level false (several monetarily sovereign nations have had debt to GDP ratios far higher than this for long periods of time – e.g. most European economies for decades post WW2, and Japan in recent decades). Austerity mongering deficit hysteria?
    N

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  • whole thing is a joke.

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  • Well, nothing official. But after that impromptu press conference from Obama – they’re going over it. Markets will be interesting on Wednesday.

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  • it is easy to see why they have gridlock, just like any other country they are run by idiots overpaid idiots, playing games with everything and everyone to ride the gravy train it will never change.

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