Thursday, November 13, 2008

A Slump Worse Than the Depression?

Former Goldman Sachs chairman John Whitehead foresees a slump deeper than the Great Depression and a growing deficit threatens the credit of the United States itself. Read Reuters, Whitehead sees slump worse than Depression. His solution, higher taxes to pay for the "trillion dollar problems" facing the United States, including social security, expanding health insurance, rebuilding infrastructure and increased spending on green energy.

Otherwise the nation's credit rating could be downgraded, which could lead to inflation, or even hyperinflation. (Think Zimbabwe.)

No one wants to admit "the painful truth that their country is hurtling toward a debt-induced economic disaster."

No comments:

Post a Comment