"The bills for decades of profligate spending and borrowing are finally coming due, and governments can't pay them. Morgan Stanley warns that defaults are inevitable:
One big advantage we have over many other countries is that most Americans understand the peril we are in as a result of unrestrained government spending and borrowing. Unlike Greece, where the mildest of austerity measures resulted in rioting by citizens who apparently think they can freeload forever, most Americans have responded to the crisis by taking action, e.g. through the Tea Party movement, to pull this country back from the brink before it is too late. We should see the culmination of that movement--or rather, of its first phase--on November 2." [Power Line]
One big advantage we have over many other countries is that most Americans understand the peril we are in as a result of unrestrained government spending and borrowing. Unlike Greece, where the mildest of austerity measures resulted in rioting by citizens who apparently think they can freeload forever, most Americans have responded to the crisis by taking action, e.g. through the Tea Party movement, to pull this country back from the brink before it is too late. We should see the culmination of that movement--or rather, of its first phase--on November 2." [Power Line]
No comments:
Post a Comment