As hard as that may be to accept, that appears to be the case. Naturally, we had to hear about this from international media:
[T]he really interesting stuff is the detail, and what leaps out again and again is how much of a hill the US has to climb. Exhibit a is the fact that under the Obama administration’s current fiscal plans, the national debt in the US (on a gross basis) will climb to above 100pc of GDP by 2015 – a far steeper increase than almost any other country.
According to CIA 2009 statistics, the US debt to GDP ratio is currently at 52.9%. Greece currently has a GDP to debt ratio at 108%.
John Hinderaker concludes the Power Line post with this:
The Democrats in Washington are both too stupid and too ideologically committed to read the writing on the wall. They are leading the United States over a financial cliff, and they have no intention of turning back. On the contrary: if they can, they will hobble our economy further by enacting a carbon tax. There is only one way to stop them, and to save our children–from whom greedy, selfish Washington liberals are borrowing trillions of dollars–from a lifetime of debt. The Democrats must be voted out in 2010, and Barack Obama must be denied a second opportunity to deconstruct the country that he doesn’t much like.
Man, if this doesn’t scare you, nothing will!
I have another economic post coming as soon as I can put it together, but I couldn’t wait on this one. I’ve rarely been so hopeful that one of my posts will turn out to be dead wrong.
There’s my two cents.