my 2c on deficits - an important difference between Bush now and Reagan then is that J6P is deep in debt, aka no saving. Simple, linear extrapolation predicts what porno industry calls the wood problem - J6P can't do it anymore. Like, spend(g).
Washington Post: "According to the latest figures from the Federal Reserve, America's consumer debt has topped $2 trillion for the first time, continuing what debt experts view as an alarming surge in recent years...It's a huge problem. You cannot be the wealthiest country in the world and have all your countrymen be up to their neck in debt."
Quoting Mogambo Guru:This is the ordinary consumer debt, the run-of-the-mill, I'll take one of those and two of those and put it on my credit card, please, and throw in a new car because that would be real nice, too, type of debt, and does not include things like mortgage debt, which is, of course, another huge pile of debt. But if you insist that we include mortgage debt, American households owe close to $9 trillion. |
