Who Would Dare Downgrade U.S. Debt?

//www.lewrockwell.com/spl2/govt-bonds-are-junk.html

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Our unsustainable debt

Reason
by Veronique de Rugy

America’s financial situation is unsustainable. In 2009 the federal government spent $3.5 trillion but collected only $2.1 trillion in revenue. The result was a $1.4 trillion deficit, up from $458 billion in 2008. That’s 10 percent of gross domestic product, a level unseen since World War II. Worse, the Congressional Budget Office (CBO) projects that we’ll be drowning in red ink for the foreseeable future, with annual deficits averaging $1 trillion during the next decade. While these figures are dramatic, they pale in comparison to what the federal government owes foreign and domestic investors... (for publication 06/10)

//reason.com/archives/2010/05/11/our-unsustainable-debt


Informant: Thomas L. Knapp



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