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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (398622)7/14/2008 11:56:16 AM
From: RetiredNow  Read Replies (1) of 1575420
 
Even more important, the US national debt was at $900B when Reagan took over in 1981. So he had a lot of room to inflate our economy through deficit spending. By the time Reagan left office, the debt stood at $2.6 trillion, which as 54% of that year's GDP.

Then Bush Jr had a similar situation. When he took office, the debt was at $4 trillion, but it will be at $10 trillion by the time he leaves. So the next President is not going to have much room to continue deficit spending to prop up our economy.

So all though, I agree the price of oil is exacerbating the problem, the real root cause is the US insolvency and the dollar's collapse as a result. This is why I think the piper has come calling and it's time to pay up.
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