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What about this basket case?
Quote
PRESIDENT Barack Obama yesterday projected the US budget deficit to peak at a new record this year before easing, as he pushes for fiscal responsibility while fighting double-digit unemployment.
Obama is under pressure to convince investors and big creditors such as China that he has a credible plan to control the US deficit and debt over time.
“In the long term, we cannot have sustainable and durable economic growth without getting our fiscal house in order,” Obama said in a statement with the budget’s formal release.
His budget for the fiscal year to September 30 next year, a blueprint subject to change by Congress, forecast a deficit of 1,56- trillion this year, equal to 10,6% of gross domestic product (GDP).
Obama is under pressure to convince investors and big creditors such as China that he has a credible plan to control the US deficit and debt over time.
“In the long term, we cannot have sustainable and durable economic growth without getting our fiscal house in order,” Obama said in a statement with the budget’s formal release.
His budget for the fiscal year to September 30 next year, a blueprint subject to change by Congress, forecast a deficit of 1,56- trillion this year, equal to 10,6% of gross domestic product (GDP).
Why aren't they playing by the same rules? They have >$12T bonds on issue, thats just under 25% of world GDP.
They make the rules!
http://www.usdebtclock.org/
