Some inter-related news:
World Bank warns of deflation spiral
The World Bank has given warning that global economy will fall into a "deflationary spiral" unless urgent action is taken to reduce high levels of excess capacity in industry.
So we need to close down industries... Which will put people out of work... Which means they won't be buying goods... Which means we have excess capacity again.
Joe Biden: ‘We Have to Go Spend Money to Keep From Going Bankrupt’
...Unless the Democrat-supported health care plan becomes law the nation will go bankrupt and that the only way to avoid that fate is for the government to spend more money.
Not sure I even have to comment on this one.
The Long-Term Budget Outlook, from the Congressional Budget Office
Basically, if we keep going as we have been, thanks to Medicare, Medicaid and Social Security, government spending will reach 100% of GDP in an amazingly short amount of time.
This would be hilarious, if these idiots weren't in charge of the world. I wouldn't trust them with a credit card, much less our economy.
Thursday, July 16, 2009
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