We Owe, We Owe
The United States:
Under a best-case outlook, according to the authors, the nation’s net federal debt will rise to 155 percent of gross domestic product in 2035, more than double the current levels. Under a more pessimistic view on growth rates, that load ratchets up to 302 percent of G.D.P.
Europe:
Using an optimistic outlook for growth in that region, the analysis projects Europe’s debt to rise to 72 percent of G.D.P. in 2035. Taking a dimmer view on growth brings the debt level to 155 percent of output in the euro area.
Emerging economies:
By comparison, emerging economies look positively robust. Using an optimistic projection, their debt comes in at 35 percent of G.D.P., and under more pessimistic circumstances, rises to 59 percent.
Full article on the debt crisis.
These figures illustrate the unsustainable nature of progressive welfare states. Voters pander for benefits that they are unwilling to pay for in taxes. The more social protections politicians agree government should take on, the more the costs are added to the national debt. Our founding fathers probably never gave the issue much thought. But our constitution probably should have contained provisions preventing one generation from foisting the cost of its spending on the next one.
Anyone want to move to Africa? They have a brighter future than we do.
On a more serious note, I attended at lecture this weekend by a Texas A&M professor where he said, very plainly, that we can’t keep blaming the politicians. It is our fault for putting them in office.
I agree. We owe, we owe, it’s off to work we go.
The size of the national debt is ridiculous, and has been for a long time. Too bad voters & Congress don’t seem to be seriously trying to do anything about it.
My grandfather had a statement that he tried to live by:
What you owe, you owe.
What you own, you may not own.
Don Levit