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Tuesday, June 27, 2006

More Scary Economic Stuff

Look At This Chart!

The plunging line shows how much money we're saving right now.
The soaring line shows how much more we're paying just toward the interest on our rapidly mounting debts. Make note, that's just the charges on the borrowed money. Not the payment on the borrowed money itself.
It's like the claws of a gaping trap, getting ready to snap down on the average overexposed American. And when it does, expect financial disaster.

"I am dismayed at the low level of U.S. economic thinking. Elementary insights into economic processes that have been accepted by all schools of thought for more than 200 years are unknown, discarded or even put on their head. The facts are that you have serious structural problems that exclude any possibility of a sustained economic recovery... A profits decline, a record savings shortfall, a capital spending collapse, an unprecedented consumer borrowing and spending binge, a massive current account deficit, ravaged balance sheets and record high debt levels."

--The Richeb├Ącher Letter.


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