Sunday, August 05, 2012

My economics degree from the U of Minnesota

Over 35 years after the degree was put on the wall I have picked up a couple of truisms regarding supply and demand.   The first is that when the US debt/GDP has for the first time in 70 years crossed above 100%, in which over 50 million Americans collect food stamps and disability, in which M2 just crossed $10 trillion, in which total US debt is about to pass $16 trillion, and when total nonfarm employees in America (133,235,000) are the same as they were in April of 2005, it is quite surprising that economics  (and common sense) has not taken on a more decisive role in the electoral debate.

The second is all about simple math.  Compounding interest.  While both candidates may, for their own particular reasons, not want to bring up the slow motion trainwreck that is the US economy now, in 4 years whoever is running for president will not be so lucky, because as the US debt clock shows, assuming current rates of progression, things are about to get far, far worse.

http://www.usdebtclock.org/

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