Britain has sunk deeper into debt. Three years after bubble burst, the UK has barely begun to tackle the crushing burden left by Gordon Brown. The contrast with the United States is frankly shocking.
The latest report on “Debt and Deleveraging” by the McKinsey Global Institute shows that total public and private debt in the UK is still hovering at an all-time high. It has risen from 487pc to 507pc of GDP since the crisis began….
It is a very different picture in the US where light is emerging at the end of the tunnel. American banks, firms, and households have been chipping away at their debts, more than offsetting Washington’s double-digit deficits.
Yes, well. What really sank us was bailing out our banks from losses on the bundled worthless US mortgage debt we had been sold with some economy of truthfulness. It is going to take a while to turn things round, and the euro-incompetence of our neighbors is not helping.
I must be living in a different universe than this reporter. The US has certainly not overcome its debt crisis. Raising the debt ceiling and printing more money are not solutions.
I tend to agree, No. 2, The last I checked, we are still running major deficits and have have a debt so large that the human brain can’t fathom it.
And what is Congress doing about it? Agonizing over potentially cutting a trillion over 10 years, when the deficit per year is well over a trillion.
We are not out of the woods by a longshot. Congress, both Republicans and Democrats, seem incapable of dealing with the ongoing, increasing problem. Debt keeps mounting month by month, foreclosures increase, inflation (fiat money printing) marches on, unemployment numbers are phonied up to look better than they are in reality, etc. We have a handle on it – I should say not! I fear the worst is yet to come unless we give Washington a complete flush.