Ten and a half Trillion dollars have been committed by our government for bailouts and stimulus.
The USA’s GDP is around 14 Trillion dollars and according to the CIA, our current debt as a percentage of GDP is around 60%. The fact that Japan is near the top of the global rankings at 170% does not bode well for us.
This may foreshadow our fate: protracted economic stagnation for the US, as we follow in near lockstep with the Japanese by going dangerously deeper into debt and allowing our government to send (print) good money after bad.
Ultimately, delay may be the sole result as efforts to bail out financial institutions, insurance companies, and manufacturers will end in the bankruptcies that should have been allowed to happen by now.
To anyone currently under the age of 55: your retirement plans are hereby