Has the U.S. lost control of it’s debts?

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Has America lost control of it’s debts, with President Obama not cutting spending in any meaningful way, and the military and “TSA” spending spiralling upwards?

The question is, how much longer will China and net creditors continue to bankroll the wasteful spending, and if the USA will default on it’s debts, further crippling it’s economy.

Source: Newsnight (YouTube), January 8, 2011 (hat tip: Financial Doom Blog).

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2 comments to Has the U.S. lost control of it’s debts?

  • Ray

    This doctor’s advice sounds like the deranged ramblings of the Tucson shooter… Makes about as much sense…

    “Every human who’s mentally capable is always able to be treasurer of their new currency.”

    “If you create one new currency then you’re able to create a second new currency.”

    “If you’re able to create second new currency then you’re able to create third new currency.”

    “You create one new currency”.

    “In conclusion, my ambition – is for informing literate dreamers about a new currency, in a few days, you know I’m conscience dreaming! Thank you!”

  • Ray

    I had to watch it again to make sure I hadn’t missed something….

    She points out “don’t ask don’t tell” as some kind of evidence that the two parties could come together? What about cutting spending under Democratic control over the last two years? That is telling. The Dem’s only want to cut spending when forced to do so by the Republicans (also established profligate spenders).

    The commentator has it right. No real prospects for spending cuts. The National Debt Crisis is heading our way and we are rearranging the deck chairs.

    No wonder we are in trouble with advisers like this.

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