Crisis of Confidence on its way

Now really....how bad is the U.S. debt?  Aren't all the Neo-Con folks just making up nasty figures in an attempt to make Obama look bad so they can kick him out?  Poor Obama didn't have a chance because he has been cleaning up after that idiot George Bush and the two needless wars he sunk us into.

And that's how the debate goes.

However, math doesn't lie....and the math in the USA is looking like it will soon drag us over the abyss...where we can join Greece, Spain, Italy and other nations who couldn't stop their spending addictions.

Remember a week or two ago, when President Obama was claiming to be a fiscal skinflint because some online columnist said so? That was fun. On Tuesday the Congressional Budget Office released a view more tethered to reality, and let's just say this will not be showing up in one of the President's campaign ads.

The CBO's long-term budget outlook notes that federal debt held by the public—the kind we have to pay back—will surge to 70% of the economy by the end of this year. That's the highest share of GDP in U.S. history except World War II, as the nearby chart indicates, higher than during the Civil War or World War I. It's also way up from 40% in 2008 and from the 40-year average of 38%.

We have never been deficit scolds, preferring to focus on the more important policy priorities of economic growth and spending restraint. But the Obama era is taking America to a place it has never been. Inside of a decade the country will have a debt-to-GDP ratio well into the 90% to 100% danger zone where economists say the economy begins to slow and risks mount.

CBO notes with its famous dry wit that this level of debt increases "the probability of a sudden fiscal crisis, during which investors would lose confidence in the government's ability to manage its budget and the government would thereby lose its ability to borrow at affordable rates."

Here;  http://online.wsj.com/article/SB10001424052702303830204577448483262804106.html?mod=googlenews_wsj

There's that word again that is so important to the sustenance of our nation's finances.....CONFIDENCE!  Notice also how the Congressional Budget Office (CBO) says there could be a "sudden fiscal crisis" unless we quickly adjust our sails and get off the current tack we are on.

Yes, Obama is certainly taking us to a place that America has never been.  And yes, America has elected the leaders that we deserve.

I wonder if America will be able to navigate in this new place we have never been without calling on our Creator to support us, lead us and guide us?  I wonder if we can just push through this whole thing simply based on the power and wisdom of man?