If you looked carefully at this info-chart below you will not think twice about agreeing with the title of this blogpost of mine :
America’s budget is a mess: expenditure exceeds income 28% or by $1. 7 trillion ! It must borrow $1.7 trillion from itself … print paper money , that is … to continue keeping up appearances as a solvent nation or “going concern”.
America’s ageing and tired population depends heavily upon Medicare & Medicaid and Social Security which consume 46% of the total expenditure of $.2.8 trillion! This is funded by income from Social Insurance of $1.6 trillion leaving a vast, gaping chasm of unfunded expenditure of $. 1.2 trillion.
America is hailed the world over as the capital of Capitalism and the Vatican of Corporatism and yet corporate America contributes less than half a trillion dollars to the nation’s treasury!
Adverse Demography, effete Capitalism, rapacious Special Interests and the ever burgeoning Military-Industrial Complex all will gradually combine and come together to spell the decline of America’s economic prosperity perhaps even well before the end of this century?
Sudarshan Madabushi
Mama: My apologies, but this blog is the stupidest blog I have read. Please stick to Vedanta and SriVaishnavisim. You have no idea about the US Economy and how it operates. The ability of the US to service its debt is what counts, not the size of the deficit…..
I’m not at all surprised by your comment . If you’re an American of India origin — which I assume you are — then it behooves you to stand by your country’s flag and its ever burgeoning debt — $33 trillion and mounting .!! Your patriotism is well placed .
BTW, there are several number of top notch economists and academics both in America and world over who are equally concerned over US debt — if they too are “stupid” I think I’m in very good company .
Your opinion doesn’t count . Thank you. 🙏