Wednesday, February 23, 2011

Federal, State And Local Debt
Hits Post-WWII Levels

by Steven Mufson - February 20th, 2011 - Washington Post

The daunting tower of national, state and local debt in the United States will reach a level this year unmatched just after World War II and already exceeds the size of the entire economy, according to government estimates.

But any similarity between 1946 and now ends there. The U.S. debt levels tumbled in the years after World War II, but today they are still climbing and even deep cuts in spending won't completely change that for several years.

One major reason for the inability to fix our problems is the ignorant focus on the "deficit" instead of the "debt." Even the imbecile leadership of the Republican Party has chosen this strategy because they do not have the guts to actually rein in spending. Fiddling around with minor issues is the most that any politician is willing to do at this point.

Neither party really wants to reduce the debt, and until they do our nation will continue to plunge down, with a lower standard of living and fewer options for our young to build a better life. When did America reach a point where we can find no one to run for office who seriously believes in the discipline that made us great?


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