What the Debt Limit Battle Is All About
"The Obama Democrats have raised [federal spending] to 24 or 25 percent [of the gross domestic product]. And the president's budget projects that that percentage will stay the same or increase far into the future.
"In the process, the national debt as a percentage of gross domestic product has increased from a manageable 40 percent in 2008 to 62 percent this year and an estimated 72 percent in 2012. And it's headed to the 90 percent level that economists Kenneth Rogoff and Carmen Reinhart have identified as the danger point, when governments face fiscal collapse."
I can well believe a train wreck and a major depression are on the way. I'm glad my parents, who graduated high school in 1931, taught me how to live poor.
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