Is U.S. facing a debt time bomb?

Probably yes. More information here.
I’m not sure who the teacher is and who the student is. Banks are teaching the government or perhaps the government is teaching banks. Topic of the lesson is “How to be Fiscally Irresponsible.” Everybody knows, or should know, that in time of financial crises, borrowing is not a good idea. Cut back on spending and/or increase revenue. Simple concept but the U.S. government isn’t listening. Instead they are using their credit cards to the max. Who is going to bail the government out after they bail out the antiquated car industry and the banking industry and the insurance industry and the mega store chains and and and and. Somebody will be left holding the bag and I have a hunch it is our kids.
Obama talks about change but pouring billions into bailing out the auto industry instead of investing in 21st century transportation just makes a bad situation worse. I hear a large flushing noise. Now lets encourage the auto industry to continue utilizing outdated technology to better use this new and expensive infrastructure that will most certainly fail. And we, as a whole, can own the auto industry, the insurance companies and the banks. Doesn’t this sound like a far removal from the democratic principles that the nation was founded upon?
Yes, if the auto industry fails it will hurt across the board. But in a truly capitalistic economy, the void will be shortly filled with companies that can do a better job. The result is that a short term pain will turn around and the economy will be better off for it. Banks? Hell they have cheated us on fees and false statements for years. Sent multiple credit cards to people without jobs and have acted as irresponsible as a 6 year old in a candy store with a buck. Let them fail. Short term pain and long term gain. And the insurance companies. Absoltutely no sympathy for the wankers. Fail and good riddance.

A good book. Preaching to the choir in some respects, but I think you’d enjoy the book.

And people are stupid. We’ve been here before. Let’s nationalise everything. Then we can privatise everything 20 years down the line and start all over again. At least I won’t be paying taxes when the tax bomb detonates.

Well, if all else fails we can inflate our way our of debt. :laughing: