Monday, June 27, 2011

Goodnight, America: Debt Crisis Isn't Looming. It's Here.

The Congressional Budget Office released a new report this week showing that the federal government’s publicly held debt would top 101% of GDP by 2021, more than the value of everything produced in this country over the course of a year. Think of it like owing more on your credit cards than your entire family income. By 2035, the publicly held debt, CBO says, could top an almost unfathomable 190% of GDP.

And that was the good news...

Michael Tanner's report in the New York Post isn't fun reading. But you'd better read it anyhow.