Friday, July 29, 2011
About That All-Important Deficit Crisis
[click image to embiggen]
I wanted to post this handy graph from the New York Times so that it wouldn't get lost in all the yammering about Debt and Crisis that will continue indefinitely. It shows you where the bulk of the deficit has come from (the Bushevik Wars and tax cuts combined with recessionary forces and massive unemployment) and who actually holds the debt Our Rulers are trying to default on (the People of the United States of America, either directly as bondholders, in their pension plans, or indirectly in the Social Security Agency.)
It's pretty clear.
And it's pretty clear who will be hurt if there is a default or downgrade (which, btw, there will be with regard to Social Security almost certainly).
That's what it is.