Sunday, February 08, 2009

We're In Pretty Deep, Grab Your Shovel

Here's a link to a chart that shows how much things have changed in the last eight years. Americans used to save about 2.3% of their income, and were derided for their spendthrift ways. Now we save about .6% and we're told we're not spending enough.
(Extremely) gross federal debt was 58% of GDP and now it's 67.5%, and we're about to borrow another trillion dollars.
Even if I remodel all my bathrooms every day, and at my age, I really can't hold it that long, it would take, according to Google, a really long time to stimulate the economy enough to pay back all that borrowing. And do we want to live in a world with a bunch of testy old men grimacing and crossing their legs?

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