Good Morning Middle America, your King of Simple News is on the air.
U.S. NEWS: As world stock markets follow their U.S. counterparts to subterranean levels, one has to ask where the bottom may be found. And, why are the foreign markets heading south to begin with?
Perhaps even more troubling is the burning question of when the foreign nations (who loan us $3 billion per day) will begin to suspicion that 2008 may be a rough year in Disneyland, well…at least in Fantasyland? And why do we even care?
The answers are that the world’s greatest consumers are in hock up to their eyeballs. The U.S. with our nearly $14 Trillion economy, play the part of the lead domino on the grand stage and we are doing a balancing act that pales the Leaning Tower of Pisa.
There is also the possibility that our $700 billion trade deficit is making those who benefit from this horrendous imbalance a little nervous. The U.S. needs to keep on spending, but with debt at record highs, savings at all time lows, and unemployment creeping up; how is that going to happen? I won’t keep you in suspense; it won’t!
All of these questions and pesky facts can give a person daily headaches. Throw in a never ending war, record deficit spending, a funded national debt of some $9 Trillion, an unfunded debt of $53 Trillion, and 78 Million Americans lining up to retire; and it just becomes mind boggling.
So have we played out our string? I think so. I believe that we have eclipsed the world’s ability to sustain our habits and I don’t think that is all bad.
Let’s reduce this thing to some common sense and an easily understood format with my patented Mikeronomics.