In a comment to my previous post, reader "Ms. d'Memieux", quoting from that article, asked:
> deficit spending is simply digging our fiscal hole even deeper
Who is this "our" you write of?
Well, "Ms. d'Memieux", here's what I'm talking about.
It’s an imperfect analogy, but imagine the green is your salary, the yellow is the amount you’re spending over your salary, and the red is your MasterCard statement.
The chart is brutally bipartisan. Debt increased under Republican presidents and Democrat presidents. It increased under Democrat congresses and Republican congresses. In war and in peace, in boom times and in busts, after tax hikes and tax cuts, the Potomac flowed ever deeper with red ink.
Our leaders like to talk about sustainability. Forget sustainable — how is this sane?
. . .
All of the figures come from the U.S. Treasury and math doesn’t care about fairness or good intentions. Spending vastly more than you have, decade after decade, is foolish when done by a Republican or a Democrat. Two plus two doesn’t equal 33.2317 after you factor in a secret “Social Justice” multiplier.
. . .
Like many Americans, I haven’t had the privilege of visiting Greece. Unfortunately, Greece will be visiting us unless we change things and fast.
There's more at the link. Essential reading.
If anyone can look at that graphic and not be truly frightened for the future of this country, they're either so stupid as to be beyond help, or insane ditto. I don't see any other possibility. As for what it means if "Greece visits us" . . . see here.
EDITED TO ADD: In such a risky financial environment, it's no wonder that 'insiders' - those who have a clearer understanding of and insight into the markets than almost anyone else, including central banks - are selling off their assets and boosting their cash reserves. See these two reports for more information. If the pro's are doing this, the rest of us should be learning from them - and, I dare say, emulating them. I'm doubling my cash-on-hand reserve.