On the way home this evening the radio was carrying a story (one version at Yahoo News) about a report that says that the US will be in debt to the tune of some 44 TRILLION dollars by the end of the decade. Take another look at that number. It’s a hell of a lot bigger than the numbers that the government is telling us.
Normally I don’t pay much attention to studies by experts since, let’s face it, experts are generally wrong. However, this one has two things going for it. First, it was published by the Financial Times of London which is not exactly a radical bunch. Second, the report was done by the US Department of the Treasury as run by Dubya. Of course it was conveniently left out of the budget report to Congress and the public during the debate on tax cuts.
I suppose there’s always the chance this report could be as wrong as any other. But even if it’s off by 75% that still more than 11 TRILLION dollars. At least Congess was nice enough to pass a bill allowing the country to go $7.38 trillion in debt. It looks like we may get there pretty soon!