America's broke big time, what the question even?The Chinese must be panicking with all those US treasury notes they hold and being dependent on the inflow of increasingly worthless US dollars for all the junk they make for America.These are scary times indeed, and the bubble is very close to bursting.America is close to becoming a nation of hamburger flippers, if they are lucky, and Obama is the leader of all this by default.
Bloomberg news: Obama Raises 2010 Deficit Estimate to $1.5 Trillion (Aug. 25, 09)
New York Times: Estimate for 10-Year Deficit Raised to $9 Trillion (August 25, 2009): "...The nation’s fiscal outlook is even bleaker than the government forecast earlier this year because the recession turned out to be deeper than widely expected, the budget offices of the White House and Congress agreed in separate updates on Tuesday. The Obama administration’s Office of Management and Budget raised its 10-year tally of deficits expected through 2019 to $9.05 trillion, nearly $2 trillion more than it projected in February. That would represent 5.1 percent of the economy’s estimated gross domestic product for the decade, a higher level than is generally considered healthy..."
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