Tuesday, September 12, 2006

United States' annual debt increase

A poster over at the Housing Bubble Blog wrote this:

"https://www.cia.gov/cia/publications/factbook/rankorder/2187rank.html

No need to buy gold here…move along."

I just had to laugh out loud when I saw where the U.S. stood. It's not really funny, because we cannot keep going this way. The amount of debt the U.S. keeps piling up has got to stop. We truly are becoming an Empire of Debt.

4 comments:

Karl said...

I just finished reading "Confessions of an Econimic hitmann" where the author argues that the plan is to saddle the third world with so much debt that they can never repay the balance, essentially making the country beholden to the world bank. I wonder if the same thing isn't happening to the US right now.

OkieLawyer said...

Karl:

I saw that book too when I was looking at another book on Amazon.com recently. I don't know how much of it is true, but it definitely sounds like an interesting read.

A bigger problem from my perspective is not the danger that you have described; it is the neo-conservative idea that we should deficit spend until there is so much debt that we cannot afford social programs such as social security, Medicare, Medicaid and so forth.

What that shows is that there is an actual government policy to try to almost bankrupt the country for political ends. That madness has got to stop.

karl said...

I live in Colorado where the compassionate conservatives got a head start on the "starve the beast" strategy when Bill Owens was elected in 98. The end result was a backlash that saw both houses go democrat in 2004 and hopefully a democratic governor this year. Refrumdum C undid some of the damage done over te years with Owens, hopefully the rest of the US will see the same thing in the near future.

OkieLawyer said...

Karl,

Interestingly enough, the TABOR (Taxpayer Bill of Rights) amendment was supposed to be on the ballot in November, but the Oklahoma Supreme Court ruled that the initiative violated the rule against any state question having more than one issue. So we have dodged the bullet -- at least for now.