In an article in the Telegraph in United Kingdom by the paper Economics Editor Edmund Conway says US has massive debt issues the would place the US in league with Greece in less than 5 years:
Earlier this week, the Bank of England Governor, Mervyn King, irked US authorities by pointing out that even the world’s economic superpower has a major fiscal problem –“even the United States, the world’s largest economy, has a very large fiscal deficit” were his words. They were rather vague, but by happy coincidence the International Monetary Fund has chosen to flesh out the issue today. Unfortunately this is a rather long post with a few chunky tables, but it is worth spending a bit of time with – the IMF analysis is fascinating.
Exhibit a is the fact that under the Obama administration’s current fiscal plans, the national debt in the US (on a gross basis) will climb to above 100pc of GDP by 2015 – a far steeper increase than almost any other country.
Thanks to Democrats spend spree the unsustainable could damage the country.
The Telegraph has the rest of the story
Special Thanks to Jim Hoft/Gateway Pundit
and John Hinderaker of Powerline.