America is broke, and needs its old friends

This is an old post from 2010. As such, it might not be relevant anymore.

“Barack Obama’s $3.8tn budget is a vastly complex affair. But one fact stands out plainly: in layman’s terms, America is broke. The federal government’s outgoings will exceed income by about $1.6tn this year; over the next 10 years combined, the predicted gap is $8.5tn.”