Whether the U.S. goes the way of Greece, Italy, Ireland, France, Portugal, and Spain may be in doubt, but this much is certain: Per capita government debt in the U.S. is a serious problem. In an article for The Blaze yesterday, Becket Adams included the chart below. It’s shocking – especially to those of us who have been following developments in Europe:
The only thing standing between the U.S. and debt bailout negotiations at this point is the good faith and credit of the U.S. government. With each passing day, that is worth less and less. Before too much longer, our so-called “good faith and credit” with be worth zero, and we’ll be called to account. That’s one reason why the 2012 presidential election is so important.
Neil Snyder is a chaired professor emeritus at the University of Virginia. His blog, SnyderTalk.com, is posted daily.