I heard this on the radio today. Fairly brief, but right up our street, topic-wise..... "The report is called "Life After Debt". It was written in the year 2000, when the U.S. was running a budget surplus, taking in more than it was spending every year. Economists were projecting that the entire national debt could be paid off by 2012." http://www.npr.org/blogs/money/2011...aid-off-the-debt-the-secret-government-report
Wow, I did not realise the US was making ground on it's debt prior to 2001. I find the below chart interesting. A world in debt to whom? Source: http://en.wikipedia.org/wiki/Government_debt (CIA fact book)
They were making piles of money under clinton, it's amazing how quickly bush and co. managed to completely tank the economy from it's record high
97 New Zealand 30.3% 2010 est. 31.0% 2010 Oceania 107 Australia 26.6% 2010 est. 21.9% 2010 Oceania There you go First % is by CIA world book other by IMF.
That article was the biggest load of Rubbish I have ever read. The US ran a surplus for the a total of.... wait for it..... ONE BUDGET, at the same time the outstanding debt was raised.... So instead of using the surplus to pay off debt they wasted it. The US has not reduced it's debt obligation for over half a century, WTF are the rest of the world doing buying US debt? Berni Madolf anyone?
