13 June 2012

CBO: If Debt Continues, US Could Enter 'Permanent Recession' Within a Decade

According to a recent report out of the Congressional Budget Office, our bloated national debt is already so gargantuan that even if we do manage to avoid a Greek-style fiscal apocalypse, the sheer weight of all those trillion$ will have our once-mighty economy in a permanent state of stupor within a span of just 10 years, with flat growth and high unemployment pretty much forever. Or, until it implodes round-about 2035, when US national debt tops-out at an unsubstainable 250% of GDP (Greece fell off the cliff at a little over 170%):

debt obama collapse permanent recession
Hey, a national catastrophe of that magnitude would be a Cloward-Pivenist's dream, donchathink

Perhaps Obama's bewildering lack of interest in what so deeply concerns most of the rest of us meant he was playing the long game all along.  Clearly, the TEA Party has been right from the start... and it will take more than a couple tepid RINO administrations to save us now.

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