Thursday, February 12, 2009

And the Band Played On

We have all heard the stories of the unsinkable Titanic and how the band continued to play as the vessel capsized. James Quinn has an interesting take on the current financial state of our nation and actually backs it up with facts and numbers...hmmm. My favorite quote follows:

The U.S. National Debt was $930 billion in 1980, or 33 percent of GDP. Today it is $10.7 trillion, or 76 percent of GDP. The National Debt has grown by 1,150 percent in 28 years. With the planned fiscal stimulus (taxing future generations), the National Debt will reach 100 percent of GDP during the Obama administration. When Argentina’s economy collapsed in 1998, their National Debt as a percentage of GDP was 65 percent. The Great Deniers say we are not Argentina. They say we are safe because the U.S. dollar is the reserve currency of the world. This is like jumping off a 20 story building and as you pass the 10th floor someone yells out the window asking how you are doing. You answer, "Good, so far".

Yep, good so far. Just keep playing my tune fellas. Here is the link to the entire article.