Larry Lindsey: US Deficits Are 9-10% of the GDP, Will End Badly

A Greek, an Italian and a Spaniard go to the bar for drinks.  Who pays?  ..... the Germans!

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Subject:	Larry Lindsey: "Fundamentals of Our Federal Budget Are At Least As Bad As Any of the European Countries"
Date:	Thu, 1 Dec 2011 05:00:00 -0800
From:	Jas Jain

Larry Lindsey: "Fundamentals of Our Federal Budget Are At Least As Bad As Any of the European Countries"

He said that we are running federal deficits that are 9-10% of the GDP. NO country in Europe is doing that. He appeared on CNBC.

ASS (American sick socialism) is worse than PIIGS and America's economic problems are like a terminal cancer. It is will kill the patient (the econo-political system). Germany and other Germanic counties have socialism too, but they are more honest about paying for it. American voters believe in free lunch and tooth fairies. Not only GW Bush tax cuts were not allowed to expire, as per the original agreement, Obama has added more tax cuts that he not only want to continue for the next year but increase the tax cuts to try to secure his re-election. The only way to grow the US economy at 2% annual rate is to run federal deficit that is 10% of the GDP. You know that a train wreck is coming soon. Lindsey also said that the problem would come to head within three years (before the 2014 election). This next election sickness would have to be stopped. Election of an American Hitler is just one of the alternatives. Fascism, far worse than the one in Europe between the two world wars, is coming to America. Both parties are responsible for it. Democracy is not a viable system, long-term.

Debt and dishonesty would destroy democracies, one by one, but most gigantic destruction would be witnessed in the US of A, the land of dishonest born-and-bred partisan dopes. As I have been warning for the past 13+ years: It is the debt, stupid!

Jas

Kirk:  See Government Debt as a Percentage of GDP by Country