Economists continue to line up warning of an economic meltdown as the U.S. moves toward 2012 when our debt will exceed our gross domestic product. The White House and Congress, however, continue to spend wildly on Iraq, Afghanistan, and other programs.
As we previously noted, our debt has now surpassed $13 trillion. Foreign economists are preparing for a disaster in the United States. It is being called “the debt super cycle trend” and some like Dan Fuss, who manages the Loomis Sayles Bond Fund, has sold all of his Treasury bonds because he expects interest rates will rise as our leaders continue to borrow unprecedented amounts to avoid tough decisions.
For the full story, click here.