The Economist does a write up, hitting oil, the housing market, the loss of manufacturing capacity, and the falling dollar:
http://www.economist.com/opinion/displayStory.cfm?Story_ID=10134118
They do not assess the impact of:
1. The fact that 65% of federal revenues are now allocated to social programs;
2. The housing issue goes way beyond 'sub-prime';
3. We have made $70 trillion in promises to the electorate which we cannot afford, rising by $3 trillion per year and accelerating; and
4. The advancing sense of entitlement among the Citizenry.
2 comments:
"4. The advancing sense of entitlement among the Citizenry."
Ever read Theodore Dalrymple (e.g. Life at the Bottom)? It's the same phenomenon that occurred in England, due to all the social welfare laws enacted. Why is it so hard for the U.S. to learn from the tremendous errors of other countries?
I read one article a year ago by Theodore Dalrymple, it was very well written. I’ll look at some more of his writing tonight, maybe after walking around the mall for an hour. Thanks for the comment.
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