The Big Think

January 4, 2011

The Crush Depth of Debt

Filed under: Politics — jasony @ 8:45 am

“this Congress borrowed more money than all 110 previous Congresses combined…Sinking in an ocean of red ink cannot go on forever. Eventually the nation will become insolvent and collapse will follow. But how much longer can it go on? Unlike the old sub crews, we will physically survive reaching the crush depth of debt. But whether we can survive as a great nation is unclear at best, and highly unlikely in probability.”

Well, this is depressing. All the more because it is among the most forseeable crises in American history. Anyone with a calculator and a calendar that extends more than just to the next election can see that we’re on an unsustainable fiscal path, but nobody in leadership seems to care. The U.S. Federal government spends 4,000,000,000 (four billion) dollars more than it brings in. Every day. And feeble efforts to claim that we can go on spending and that future events (economic turnaround, technological developments, magic money fairies) will alter our course are blatantly ignorant of even the best-case extrapolated fiscal curves.

When the time comes and we must endure massive fiscal changes as a result of profligate spending it won’t be because it was a surprise. And somehow I don’t think that our current leaders will personally feel the pinch then anyway. They’ll spend their time pointing fingers at the other guy and claiming that it’s his fault.

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