Fred Thompson Explains The Bailouts
Debt, debt, and more debt:
US Debt as of 12/18/2008 = $10,598,468,155,070.37
Argentina collapsed in 2001 when its sovereign debt hit $12,000 per family. The world's lenders had realised it would never be able to raise the taxes to pay back this debt, so they refused to fund it with ever more of their money.
This year the United States official public debt hit $83,000 per household. This public debt was only $20,000 in 1985, but even that was widely considered an irresponsible level and described mockingly as "Reaganomics". It has since then quietly quadrupled, which is the hidden cost of promising "no new taxes" while continuing to spend; both of which appear to be necessary to win modern elections in the USA. Currently each household's debt is growing by $5,000 a year.
Look at the growth of US Debt in just the last four months.
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