When do you think the American taxpayer will feel the burden of the Obama bailouts, then?
My guess is if not 2010 (when folks file for 2009), then damned soon thereafter.
The amount of debt and deficit spending we have reached is unsustainable. Even when the American economy was healthy, would could not sustain this. (ONE year of spending like this could likely be sustained by the market, though, but that's another discussion).
IF the Democrats are allowed to spend as planned, we will be paying, at
today's freakishly low interest rates, 10% of our GDP in INTEREST.
Even with the American economy running as well as it was 2 years ago, this cannot be borne.
However, I find this ironic:
More than likely, Mr. Obama and the Democrats are going to push through a tax increase to be "fiscally responsible."
As a result, the economy will suffer and this level of spending will collapse even faster.
What frightens me is I don't know when this will happen nor do I know how, but I have some guesses:
Massive infation (hyperinflation)
Price Controls
Repudiation of debt
Government corruption
We tell ourselves this can't happen in the US, but I will point out that in 1900, the United States and Argentina looked stikingly similar: they had similar populations, similar climate, similar resources. Argentina even fed the world during WWI. (Just as the US is STILL the breadbasket of the world).
However, the US is now the lone superpower of the world and Argentina... is going through yet ANOTHER crisis.
Once we go over the brink, I can't say what will happen. That's the problem with what is going on. No one knows what will be the result of all of this. Uncertainty kills the economy.