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 revised canceled.
Nah, I’ll just wait for my social security to kick in.
/sarcasm
Retirement plans?!? I gave up on them when Billy “the kid” Clinton enacted his retro-active income tax and robbed me of any retirement money. I HAD 30K at the time,(EXACTLY how much they raised my taxes that year AFTER I already paid them – so my bank balance became a big fat ZERO) now I am in DEBT almost that much… Barry’s gonna have to get blood from a turnip this time around. I’ll have to work until I die, then the sharks will take everything leaving nothing to pay for a burial. (Soylent green anyone?)
I will be able to retire six years after I die.
Given the Obama economy and demographic changes coming up, retirement will have been shown to be a brief, second half of the 20th Century phenomenon.
Didn’t want that retirement anyway.
You will work for Obama’s “volunteer” domestic police army during your “retirement” years. Or you could go to “camp” Obama.