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Is U.S. path similar to Europe's?
YES, it is very similar and we can thank Obama and his insane spending and of course those people that despite the red flags in term one, voted to re-elect this fool.
austerity? really? The bill just passed adds 4 Trillion to the deficit over the next 10 years. Exactly where are we cutting?
What spending cuts?
Spending cuts? Obama's administration is expecting another 1.4 plus trillion dollar deficit and he is pushing to raise our debt ceiling as we speak.
What did you think would happen?
Even our friends over in Europe can see what is happening they are broke.Right now, the U.S. has a debt to GDP ratio of about 103 percent. We are already well into the "danger zone", yet most Americans still don't seem very concerned about all of this debt.We are addicted to debt-fueled prosperity, and so we can't stop stealing from future generations. We need their money to feed our addiction.
In the end, this gigantic mountain of debt is absolutely going to destroy everything that our forefathers built for us. There have been some people that have been warning about this for decades, but the American people did not listen.Soon enough, we will all pay the price for this foolishness.Enjoy what time you have left people.The party is about over.
Paul Krugman is right.
Sounds like people have been watching to much Fox news. President Obama only raised taxes on the wealthy and this will pay off the deficit. Lets all relax now that the fiscal cliff has been avoided and enjoy prosperity.
What "US austerity program"? What the hell is this author talking about? God help us all.
OK people. We need to get a grip on our deficit and debt fears. While the deficit is still very high, It has gone down over the last 4 years. Our Federal Government can still sell its bonds and at very low interest rates to boot. This may very well change when the crazies in the house decide to default on our debt with the manufactured crisis on raising the debt limit next month. While getting our deficit under control is necessary over the long run, the austerity advocated by economists hired by wall street bankers is foolishness at its worst.
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