This is the cover story of the March 7th issue of McLeans magazine.
David walker, controller-general of the United States, the senior accountant in the US government says America's finances are in a shambles, and if something isn't done soon, the world will face an economic shakeup of disastrous proportions.
The US debt is $7.7 trillion US dollars, that's 26,000 USD for every American. Canda's by contrast is $16,000 CDN per Canadian.
The real fear is that the US debt is spiralling out of control. The predicted shortfall for health and retirement in the USA is $43 trillion USD.
The article suggests that the US will have to dramatically cut spending, wile simultaneously raising taxes to avoid defaulting on it's debts. At the same time, the US has to devalue it's dollar in a controlled fashion to avoid scaring away the foreign holders of US debt.
The talking heads are not lefties, but senior economists from Morgan Stanley and others - ie the capitalists.
Canada is particularly at risk, as 80% of our trade is with the USA.
At any rate, a sobering read.
David walker, controller-general of the United States, the senior accountant in the US government says America's finances are in a shambles, and if something isn't done soon, the world will face an economic shakeup of disastrous proportions.
The US debt is $7.7 trillion US dollars, that's 26,000 USD for every American. Canda's by contrast is $16,000 CDN per Canadian.
The real fear is that the US debt is spiralling out of control. The predicted shortfall for health and retirement in the USA is $43 trillion USD.
The article suggests that the US will have to dramatically cut spending, wile simultaneously raising taxes to avoid defaulting on it's debts. At the same time, the US has to devalue it's dollar in a controlled fashion to avoid scaring away the foreign holders of US debt.
The talking heads are not lefties, but senior economists from Morgan Stanley and others - ie the capitalists.
Canada is particularly at risk, as 80% of our trade is with the USA.
At any rate, a sobering read.