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July 07, 2011

James Pethokoukis: I've Got Some Good News And Some Bad News. The Good News Is That Obama Probably Can't Win in 2012. The Bad News Is... That's Because the Country Is About to Blow Up.

He thinks we're on the fast track to a debt crisis.

Earlier talk of this coming 5 or 7 years down the road might have been a touch optimistic.

If yields on our T-bills hit 9% (which they might; junk bonds, yo!), then our indebtedness explodes as trillions more are added to our growing debt just due to increased interest-service (and as we have no way of paying that, we just add that new debt to the old debt and take out even newer debt to pay for that).

A scenario that looks pretty likely is our debt:GDP ratio hitting 250% by 2030.

But don't worry; that won't happen. The system will explode before ever permitting such a ludicrous ratio.

From Allah's comprehensive round-up on the debt limit debate and the near-impossibility of any real reform.


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posted by Ace at 08:42 PM

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