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Wednesday, June 10, 2009
We are Past Being in Trouble

This is quite unfunny in an economic analysis sort of way. As some of you know, I was one of the more optimistic guys on the long-term economy, while most of you were not. You were right, and I was wrong. This is a very sobering read from the angle of a liberal economist and a conservative congressman.

They both agree that taxes are increasing across the board (no news there...) but also state that there are zero chances that a VAT won't be imposed on all Americans. Just a matter of when.

"Normally Paul Krugman, the liberal pundit and Nobel laureate in economics, and Paul Ryan, a conservative Republican congressman from Wisconsin, share little in common except their first names and a scorching passion for views they champion from opposite political poles. So when the two combatants agree on a fundamental threat to the U.S. economy, Americans should heed this alarm as the real thing. What's worrying both Krugman and Ryan is the rapid increase in the federal debt - not so much the stimulus-driven rise to mountainous levels in the next few years, but the huge structural deficits that, under all projections, keep building the burden far into the future to unsustainable, ruinous heights."

Read it here. Life is changing before out eyes.

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