When will Americans wake up to their debt mountain?
Fund Manager for Schroders, Andy Brough, posed this question in todays Daily Telegraph "When will Americans wake up to their debt moutain?" Good question, especially on the 'wake up' part.
The debt was considered to be out of control back in the 70's - people wondered where it would all stop. According to Brough, the current US debt is $8,200 billion and growing at a rate of $2.14 billion per day. These numbers are almost too big to comprehend - how do you repay something like that? Or do you?
The fact that Americans continue to spend doesn't seem that odd when the government is notching up such a huge debt. There is a saying that children have automatic permission to be like their parents - they follow what they see. Likewise, the American people have automatic permission to be like their government. Is it any wonder that the debt continues to mount across the board?
The real question is, where will all of this end?
Until tomorrow - I'll leave you with that thought.
Ellen Riches
The debt was considered to be out of control back in the 70's - people wondered where it would all stop. According to Brough, the current US debt is $8,200 billion and growing at a rate of $2.14 billion per day. These numbers are almost too big to comprehend - how do you repay something like that? Or do you?
The fact that Americans continue to spend doesn't seem that odd when the government is notching up such a huge debt. There is a saying that children have automatic permission to be like their parents - they follow what they see. Likewise, the American people have automatic permission to be like their government. Is it any wonder that the debt continues to mount across the board?
The real question is, where will all of this end?
Until tomorrow - I'll leave you with that thought.
Ellen Riches
posted by EllenRiches @ 4:31 pm
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