Someone once told me that every company Bush the younger headed ended up a financial disaster (anyone know if this is true). The US as a whole seems no different.
The article also specifically mentions the social security system as failing -- but I recall hearing that *ut* was actually solvent, and adequately financed for at lest another 20 years, that the rumours of its imminent demise were created by those eager to abolish it by replacing it by private-sector funds (and thereby getting their hands on all that money!).
It was already in the news over a year ago that other countries were starting to pull their foreign-exchange reserves out of the US because they saw the writing on the wall, and some financial analysts were speculating when the US dollar would reach the tipping point of panic selling.
That's just it. The US should not have any problem funding its social security, if it weren't spending trillions on a foreign war they have no hope of leaving anytime soon. The sinkhole is not the social programs - it's the war. And yet, so much of the American economy is built on the war machine that NOT going to war is almost as bad for the economy as doing so. It's a vicious circle, and it's spiraling towards the drain.
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velvetpage) wrote2006-12-21 01:37 pm
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The article also specifically mentions the social security system as failing -- but I recall hearing that *ut* was actually solvent, and adequately financed for at lest another 20 years, that the rumours of its imminent demise were created by those eager to abolish it by replacing it by private-sector funds (and thereby getting their hands on all that money!).
It was already in the news over a year ago that other countries were starting to pull their foreign-exchange reserves out of the US because they saw the writing on the wall, and some financial analysts were speculating when the US dollar would reach the tipping point of panic selling.
no subject