CBS News: U.S. Government debt may rise to 75 percent of gross domestic product by 2011 - by Guy Campanile
U.S. Government debt may rise to 75 percent of gross domestic product by 2011 - by Guy Campanile
The International Monetary Fund warns that U.S. Government debt may rise to 75 percent of gross domestic product by 2011, nearly twice what it was in 2008. By September 1 out of 10 Americans will be out of work. Preventing a systemic failure due to over leverage based on real estate and credit is absolutely needed. The idea of a consumer protection for financial products is also long overdue.
The reality is there will be a future financial crisis. The when and how is anybody's guess. History has proven time and again that identifying financial risks before they develop into full blown bubbles is a tricky if not impossible business.
Labels: US Economy
