John on March 11, 2010 at 9:23 am
Glenn Beck has been harping on this for weeks. Now the AP is getting into the act with this analysis piece:
Many of the same risky financial practices that now imperil the Greeks were at the center of the all-too-recent U.S. meltdown.
As with Greece, America’s national debt has been growing by leaps and bounds over the past decade, to the point where it threatens to swamp overall economic output. And in the U.S., as in Greece, a large portion of that debt is owed to foreign investors.
How long can the United States remain the world’s largest economy as well as the world’s largest debtor?
“Not indefinitely,” suggests former Federal Reserve Chairman Alan Greenspan. “History tells us that great powers when they’ve gotten into very significant fiscal problems have ceased to be great powers.”
Not around the corner probably, but certainly on the horizon. How many years until both Social Security and Medicare are insolvent?
Category: Energy & Economy |