Rahm Emmanuel is famous for having said that a good crisis should not be wasted. Conservatives have at first criticized him and then decided to embrace his philosophy. Under the cover of Tea Party intransigence, they have seized upon the debt crisis and used it as vehicle to push extreme reactionary policies down our throats.Of course there is a debt. It amounts to 4 % of GDP, which is a far cry from the 111% of GDP of Greece or Portugal. Let us come back to reality: The agregate assets of the US are around 144 Trillion $. The debt is about 14 T $ We are far from bankruptcy. (Standard and Poor tried to scare us in threatening downgrading the US notes from AAA to AAa, but isn't it the same S&P which contributed to the Wall Street meltdown in 2008?)
There are many causes to the debt problem.
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