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The Bubble and Beyond

The Bubble and Beyond

By Michael Hudson

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Going Deeper and Deeper Into Hock

Congress just raised our debt ceiling—the amount we’re allow to borrow—by $781 billion. It was either that or default on our treasury notes. This is the fourth debt-ceiling increase since Bush took office—some $3 trillion in total. Dick Cheney may have said that deficits don’t matter, but try telling that to the next generation of Americans, who are going to have one helluva credit card bill to pay off.

Posted on Mar 16, 2006 READ MORE


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