01 March 2009

And The Children Smile and Chant, "Obama! Obama!"

(Found the cartoon at Vodkapundit.)
During my 40 minute drive to work it's hard not to think about it.
This morning my thoughts ran to my amazement that it could happen at all...
A country going bankrupt?
How can that possibly happen?

Memory fails me here... was it Brazil, Venezuela, or both that got themselves embedded in debt so far in the '70's they could no longer pay their bills, and we (the U.S. and other countries) had to write their obligations off as "bad debt"?

How close is the U.S. now to that scenario? I've read much discussion about our present entitlements programs and how they, along with interest payments on our debt, are using up all the revenue coming into our treasury. A little pokin' around got me to
this article which delves into that subject, and determines we're in trouble.
The problem?
That article was written a year ago, before our President(?) doubled our debt load.

With serious questions about our solvency when we had half the debt, how do we now differ from those failed governments?

1 comment:

cary said...

"I inherited this problem"

"I inherited this problem"

"I inherited this problem"

Yeah, but did you have to TRIPLE the debt in the first month of office, ya putz?

(apologies to putz in general out there, I didn't mean to make it sound like i was insulting you by comparing you to a mathematically challenged foreigner who managed to con his way into the top office)