Is the US in Denial Over Its Debt?

Thursday, June 30, 2011

With the deadline quickly approaching for Congress to make a decision on whether or not to raise the debt ceiling, President Obama warned that failing to come to a negotiation could significantly impact the nation's economy and investors' confidence in the United States. Beyond that, some experts say Congress's slowness in developing a plan to face the debt crisis may be symbolic of something more—namely that America is in denial over the gravity of its debt problem. 

Justin Webb, host of BBC Today, is one of those experts. Webb says that in the wake of economic collapse, Americans have become more deluded about what the federal government pays for and need to reevaluate how independent they want to be from the government. 

Guests:

Justin Webb

Produced by:

Tim Einenkel

Comments [2]

listener

Who is calling for America to become Alaska in the 19th century? This nation simply want the US economy to return back to the quaint olden days of 2005 when the debt and unemployment was manageable.
The delusional myth that is referred to here is called the US Constitution which expressly limits the power of the Federal Government and actually invests power locally in the states and private citizens. Our elected officials are obligated to take an oath to defend it yet they have departed from its guidelines and a 14 trillion debt and counting is the result. The ultimate result is what the CBO is predicting by mid-century and the human reality of those dry numbers are frightening. Unlike Britain, the United States has no friendly superpower to ease its decline in a dangerous world. The economic path we have been on for over two years may march us backward toward the decline of the United States as we know it which is the idea being contemplated here. I don't think this is what the American people bargained for in 2008. Having an "overall person in charge" to take "emergency action" is not an innovative idea but an ancient practice that is demonstrated to this very day in nations where this very discussion would prohibited.
Have a happy and ...contemplative... Independence Day.

Jun. 30 2011 10:16 AM
Ed from Larchmont

I agree with the British commentator, we have a good system but it's weakness is in concerted action. But what is overlooked is that we're missing 50 million young people who would have contributed to the country, produced things and run businesses, and so deficit (and getting worse as we get older) is entirely predictable.

Jun. 30 2011 09:48 AM

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