So that's it for the election.

[Splorf22]

Originally Posted by Alarti0001 [You must be logged in to view images. Log in or Register.]

Back-up this claim or be labled a moron.

Well Lucky is throwing out hyperbole but, lets look at some facts.

Greece: 135% debt to GDP, 15%+ interest rate on bonds
USA: 100% debt to GDP, 3% interest rate on bonds, 10% of GDP deficit per year

The main reason that the US pays way less (12% less) interest is that the dollar is the reserve currency of the world. Suppose the US had to pay 15% a year on its debt just like Greece. 16 trillion * 15% = 2.25 trillion dollars. That is greater roughly equivalent to the entire Federal budget. If taxes were doubled to account for it, the resulting destruction of productivity would bring the economy to a grinding halt. There is no legitimate way to clear this up. The US would have to either default or go through a hyperinflationary episode. Either way would involve massive, massive economic pain.

P.S. I love the analogy about Bush taking a giant dump in the White House and then Obama smearing it all over the walls. It perfectly encapsulates how I feel about our two presidents.