F all of you.

Dear US Taxpayer, your credit card has been declined

I'm curious - do the people of the US not realize how absolutely, mind-blowingly terrible the finances of the US are? How enormous the deficit is, and how seriously this will hobble the US in the future?

That, to me, was the most remarkable thing about the last US election - how little attention was paid to the unbelievable rapid descent to national bankruptcy. This is something that will enormously impact the quality of life of every single American for years or decades to come, yet it was nary a footnote.

Obviously this is a concern for the rest of the world as well.
Permalink Dennis Forbes 
March 12th, 2005
As long as people trust America not to default on her obligations, the debt is just numbers. You can carry a debt forever as long as you keep making the interest payments. It may not be fiscally prudent, but it is not a disaster.
Permalink Ian Boys 
March 12th, 2005
"You can carry a debt forever as long as you keep making the interest payments."

Maintaining a debt is one thing (and really a static debt number is pretty good progress as your GDP appreciates and your debt remains constant), however the rate of accruing new debt, with no real end in sight, is alarming. This is the reason a number of foreign countries have started talk of "diversifying" their treasuries (which could devastate the US $) -- a lot of countries are very nervous about the US dollar right now.

The US can turn things around, but action will need to come very quickly, and overwhelmingly. It seems that everywhere in the world but the US itself there is tremendous concern about the fiscal situation the Bush presidency seems to consider the norm.
Permalink Dennis Forbes 
March 12th, 2005
I was also surprised. But it's not that surprising-- here in the US the general public is mostly clueless about finance. Johnny Q Public believes that the government simply prints money whenever it needs it.
Permalink Emma Blowgun 
March 12th, 2005
Nobody in the government is willing to suggest that parents are the reason Johnny can't read; what makes you think they'll suggest the reason Fred and Ethel are bankrupt were because they kept trying to keep up with the Joneses without having the money to do so?

Philo
Permalink Philo 
March 12th, 2005
Oops, you found an error!