More than 20% unemployment, people fighting over bags of free oranges, no heat, no medicine; Greece is having a modern day depression. Although Barron’s magazine put our becoming Greece more than 10 years away, is it really? It seems to me were only several years behind Greece, if that.
We have 100 million people dependent on our insolvent government, which only stays afloat because the Federal Reserve is loaning the criminals in Washington $1.1 trillion dollars every year. We’ve gone from the richest nation on earth to the greatest debtor nation ever. It’s not going to end well, and we don’t want to be Greece (it’s going to be worse). Forward!
The not Photoshopped Barron’s cover:
BARRON’S BLASTS OBAMA: ‘Follow Me, We Can Be Like Greece‘
Barron’s goes there. (Economics editor Gene Epstein is not President Obama’s biggest fan.) Here’s the lede from the latest cover story:
In his State of the Union speech last Tuesday, President Obama concluded that “the State of our Union is stronger.” The big question is: stronger than what?
Federal debt is a record $16.4 trillion, or 103% of the nation’s annual output of goods and services. While that’s still well below Greece’s 153%, we’re headed steadily in the wrong direction.
According to estimates by the Congressional Budget Office, adjusted by Barron’s to account for recent tax increases and other factors, if the U.S. doesn’t raise taxes further and cut spending dramatically, the national debt could easily reach 153% of economic output by 2025.
These are not just numbers. If the U.S. national debt continues ballooning, we can be sure of a deep, long-lasting recession — very likely a depression — sometime in the next two to three decades. The unemployment rate could easily surge to 20%.