Economy Exactly 40 years ago today F.A. Hayek

[aitkenmike]

I don't recall ever giving a specific time, but we are definitely closer to an epic meltdown now than we were when I last engaged on this topic. The National Debt back then was nearly 18 trillion and now its nearly 35 trillion, with no signs of slowing down. The REPORTED deficit was 486 billion 10 years ago and has continued every year, growing most years, exceeding over a trillion per year. This is not accounting for inflation or anything else.

So pat yourself on the back as long as you can, because it is pretty clear that this is not an eternally sustainable trajectory, and when it comes due it is going to come due in a very unpleasant way. Also, as I said then, I HOPE that I am wrong and that you are right. This isn't about winning an argument for me - like it is for you.

anyday now.... it's coming.... coming....

 

[Zeke's Chaingun]

anyday now.... it's coming.... coming....

I hope your sarcasm is justified, but we are in a much worse situation now than we were 10 years ago, and then 10 years before that.

It seems that you're arguing that there's nothing to see here. If that's your take then so be it. Seems a bit absurd to me, but I hope I'm wrong.

We are not in a situation where we look back at my comment 9 years later and say, "Boy, I'm sure glad our economy improved." The situation has not improved, we have just dug a deeper hole. I'd be convinced I was wrong if we were doing something entirely different and had dug ourselves out a bit, but the hole is just deeper and there are no signs of climbing out.

And inflation is not making things better. The devastation to purchasing power is wrecking havoc on our economy.