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29 June 2010


bill tozer

Timely post, Mr. Rebane. What is 13 trillion dollars? Enough to give 160 million people (the population of Japan) $105,000 each. Since only about half the taxpayers in our country pay taxes, you can calculate how much each working person owes the Treasury. This year, the House will not even try to pass a budget. They won't even try to fake it, thus they are able to spend as they choose. They don't want to go on record before the Nov elections saying they passed the Administration's budget with its nine year forecast of spending 7-10% of GDP each year. I propose that is immoral, irresponsible, and unsustainable. I think the lame duck Congress will pass the budget after the fall elections and before they head off to greener pastures in January. I am most concerned.

bill tozer

Excuse my grievous error. The should be 1.7 trillion, not 13 tril. Either way, it is a challenge to wrap my mind around these figures.

George Rebane

Agreed Mr Tozer. The worst part is that NO ONE knows how to pull this situation into a soft landing. Plan A: destroy the dollar through hyper-inflation. Plan B: default on the national debt and unfunded liabilities. Plan C: ????

Steven Frisch

OK here it is--on this one you are right. The number one threat our nation faces in the early 21st century is our unsustainable level of debt and our inability to reach a political consensus on how to deal with it.

I have believed this since late 2001 when analyzing the impact of the bursting of the tech bubble.

By the way I am a big fan of Niall Ferguson--perhaps you should read Colossus or The Ascent of Money.

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