Soaring US Debt Threatens Dollar
What else should we be worried about in 2008?
Else? Haven’t the headlines already been filled with enough fearful forecasts from financial experts apparently keen to outdo each other in their expectations of Armageddon?
Correct, but unfortunately it never rains, but it pours…
…and Yes, there’s another nasty out there, a time bomb waiting to nuke the dollar and shake the UK.
The US national debt.
At a towering $9.13 trillion, up from $2.7 trillion in 1989 and $5.7 trillion when President Bush arrived in the oval office in January 2001, the sum that America owes has grown from about 35% of national output in 1975 to almost 68% today. Now equivalent to over $30,000 for each man, woman and child in the States, it’s ticking up at some $1.4bn a day, nearly $1m a minute.
Scary numbers. And getting scarier all the time.
