{"id":1283,"date":"2012-08-17T03:31:56","date_gmt":"2012-08-17T10:31:56","guid":{"rendered":"http:\/\/www.libertymusings.com\/blog\/?p=1283"},"modified":"2012-08-17T03:31:56","modified_gmt":"2012-08-17T10:31:56","slug":"the-us-financial-death-spiral","status":"publish","type":"post","link":"http:\/\/www.libertymusings.com\/blog\/the-us-financial-death-spiral\/","title":{"rendered":"The US financial death spiral"},"content":{"rendered":"

The other day, Mark Levin brought to the attention of his audience an article that appeared a couple of weeks ago on the financial blog, “Money Morning<\/a>,” written by Terry Weiss.<\/p>\n

He quotes Richard Duncan, formerly of the World Bank and now chief economist at Blackhorse Asset Management, who says that America is in a financial “death spiral.” He attributes this to the escalating federal debt, which has now reached $16 trillion.<\/p>\n

Weiss goes on to quote other economists who estimate that the total national fiscal gap, including unfunded entitlements like Social Security and Medicare, is $211 trillion. And the total credit market debt has been doubling every few years since 1970.<\/p>\n

It would be worth reading the article.<\/p>\n