Friday, November 16, 2007
The Economist does a write up, hitting oil, the housing market, the loss of manufacturing capacity, and the falling dollar:
They do not assess the impact of:
1. The fact that 65% of federal revenues are now allocated to social programs;
2. The housing issue goes way beyond 'sub-prime';
3. We have made $70 trillion in promises to the electorate which we cannot afford, rising by $3 trillion per year and accelerating; and
4. The advancing sense of entitlement among the Citizenry.
Posted by Bill at 10:28 PM