The Global Economy at Cliff’s Edge

December 1, 2011 05:48

President Obama is responsible for the mess we’re in because he squandered more than $2 trillion of our hard-earned and borrowed money to accomplish little more than payoffs for groups and individuals that supported candidate Obama in 2008.

By Neil Snyder at American Thinker


President Obama is stoking a fire that can rage out of control in the blink of an eye if he continues with his class warfare agenda.

One European country after another is coming to grips with the fact that their socialist policies have led them to insolvency.  First it was Greece; then it was Italy.  France is in trouble, too, but so are Spain, Ireland, and a host of other European Union (EU) member-states.

On Tuesday, President Obama said that the United States is willing to help Europe with its debt crisis but that we won’t send them any money.  That’s laughable since the U.S. has more than $15 trillion in debt; our debt-GDP ratio is 100%, far above the 80% level where rating agencies become concerned about the ability of a country to meet its financial obligations; we are forecasting trillion-dollar deficits as far as the eye can see; and we would have to borrow money if we wanted to help Europe solve its debt problems.

It’s anybody’s guess as to what might happen when U.S. citizens finally realize that we are spending money we don’t have on things we don’t need and that we can’t continue down the path we’re on and survive as a nation.  When we impose austerity measures, and that’s assuming that China doesn’t do it for us, the Occupy Wall Street crowd and likeminded souls may take to the streets with weapons instead of pup tents.


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