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southern oregon | ehoff...completely agree. Any cuts in spending will be met with a corresponding drop in economic activity, which will result in further declines in tax revenue. A downward spiral.
Bottom line coming up, a dramatic lowering of the American lifestyle. Living within our means if you will.
In more "ordinary" times, the path would be something like; repudiate the debt, followed by a devaluation of the currency to the point of balancing the current account deficit, and than begin the process of rebuilding the economy. The chink in that theory today is that much of the rest of the world is in a similar position, such that any devaluation will be met with matching devaluation. Almost amazingly, this clash of currencies has so far favored the dollar even in spite of our obviously unsustainable financial position as highlighted by the above video. | |
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US Budget Crisis Video
